As Bitcoin heads down the slope, the State of Ohio has just made a move that actually champions the ailing coin. And it’s a vital time for such a move. Ohio has decided to accept Bitcoin for tax payments, becoming the first state to do so.
Not only is this move momentous in terms of institutional approval, but its timing is also impeccable—casting a silver lining to what has been a very dark cloud for Bitcoin.
Ohio Accepts Bitcoin in the Nick of Time
The initiative begins now. Ohio businesses can pay their taxes, which includes anything from tobacco to public utilities, on OhioCrypto.com. 23 different taxes can be paid for using the cryptocurrency. Some examples are Public Utilities Tax, Sales Tax, Seller’s Use Tax, and Severance Tax.
The aim of the new payment option is to simply make things easier for taxpayers. But will it also make Ohio a cryptocurrency magnate? Will this move spur on other crypto adoption schemes?
State treasurer Josh Mandel spearheaded the new system and is “confident that this cryptocurrency initiative will continue.”
Bitpay, the crypto payment provider, will process all Bitcoin payments on the website.
Businesses will be the first to avail of the new system. However, should it be successful, the State plans to expand it to individuals in the not too distant future. And it seems Ohio is optimistic, as the website reads:
“From mom and pop coffee shops to Fortune 100 companies, businesses now have the ability to pay their taxes with OhioCrypto.com.”
Ohio Accepts Bitcoin: Spurring Institutional Acceptance?
US government bodies have tip-toed around Bitcoin in various ways before. Florida also announced a similar initiative to accept cryptocurrencies for tax payments. However, no integration has yet to appear in the State, despite this announcement being made back in May.
Also in 2018, it was reported that a San Francisco federal judge ordered a criminal to make a bail payment in Bitcoin. However, this decision was later reneged on as the transaction process for such a payment was complicated.
Will Ohio’s move stick though? Bitcoin is up today—albeit slightly—since crashing dramatically last week. Investors are keen for signs of hope for the coin. Ohio may have just given them one.
Featured Image: Depositphotos/© Thamkc
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