Ohio Turns into First U.S. State To Enable Companies To Pay Taxes With Bitcoin

Ohio has simply grow to be the primary U.S. state and one of many first governments on the planet to permit companies to pay taxes, together with gross sales and public utility taxes, with bitcoin.

State Treasurer Josh Mandel introduced Monday that companies can now register for this system by way of the web site OhioCrypto.com, a portal that may, through a third-party processor referred to as BitPay, convert the digital foreign money into that may then be deposited into the state’s accounts.

Companies that function in Ohio will be capable to use bitcoin to pay for 23 various kinds of taxes, Mandel’s workplace mentioned in a press launch. A 1-percent price will probably be levied on every transaction, per AP.

“We’re proud to make Ohio the primary state within the nation to simply accept tax funds through cryptocurrency,” Mandel mentioned in an announcement. “We’re doing this to offer Ohioans extra choices and ease in paying their taxes and in addition to venture Ohio’s management in embracing blockchain expertise.”

Mandel mentioned bitcoin would be the solely cryptocurrency accepted for now however mentioned he “appears to be like ahead to including different cryptocurrencies sooner or later.”

In line with the Wall Avenue Journal, particular person filers in Ohio, and never simply companies, will ultimately additionally be capable to pay their taxes with bitcoin.

Mandel, who has developed an curiosity in cryptocurrency lately and referred to bitcoin as a “official type of foreign money,” instructed the Journal that he hopes different states will observe Ohio’s instance.

Ohio’s transfer comes at a foul time for bitcoin, which has seen its worth plummet in latest months. CNBC reported Monday that the value of a single bitcoin has dropped greater than $15,000 since final December.