The state of Ohio has reportedly become the first to allow taxes to be paid in Bitcoin. The move comes despite the digital currency’s falling prices and prolonged bear market.
Ohio to Accept Bitcoin for Some Tax Payments
A report published by The Wall Street Journal on Sunday, November 25th, outlines that the state will begin to accept Bitcoin for taxes payments starting today – Monday, November 26th.
The filing process will purportedly include three simple steps. First, the company will have to register with the Office of the Ohio Treasurer via a dedicated website OhioCrypto.com. Afterward, the business will have to enter tax details such as tax period and payment amount. Finally, the total amount will be paid in Bitcoin using a cryptocurrency wallet which is compatible with the portal.
Reportedly, the payments will be processed by BitPay – an Atlanta-based bitcoin payment processor. In its current shape and form, the option to pay taxes with Bitcoin is only being made available to businesses. However, it is also reported that the state plans to allow individuals to do the same in the future.
A Growing Trend
Ohio’s move to enable Bitcoin-paid taxes marks a significant milestone for the cryptocurrency industry and could go a long way toward legitimizing the digital currency as a means of payment.
Earlier this year, Live Bitcoin News reported that Georgia state officials proposed using Bitcoin to pay taxes. At the same time, Florida’s Seminole County had already approved Bitcoin and Bitcoin Cash to be used for tax payments.
Speaking on the matter was Seminole County’s Tax Collector Joel Greenberg, who noted:
We live in a world where technology has made access to services on demand, with same-day delivery and the expectation of highly efficient customer service and we should expect the same from our government. […] The aim of my tenure in office is to make our customer experience faster, smarter, and more efficient, and to bring government services from the 18th century into the 21st century and one way is the addition of cryptocurrency to our payment options.
Interestingly enough, Ohio’s move takes place during conditions of a prolonged bear market where Bitcoin has lost over $1,300 in the last 7 days alone.
What do you think of Ohio’s move to allow businesses to pay taxes with Bitcoin? Let us know in the comments below!
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