Ohio becomes first US state accepting Bitcoin for Tax bills

Ohio becomes first US state accepting Bitcoin for Tax bills

Ohio will become the first state of the United States to accept Bitcoin payments for tax bills, according to a report published by The Wall Street Journal. Ohio will beat other states in the union such as Georgio, Arizona, Illinois, and Wyoming who tried to implement it.

State Treasurer Josh Mandel will implement OhioCrypto.com website as the website that will manage all the processes to allow businesses to pay with BTC as soon as this week. After registering, companies will be able not only yo pay final corporate taxes, but also sales and employee withholding taxes. Mandel affirms that he does see Bitcoin “as a legitimate form of currency.”

According to the website, “Under the leadership of Ohio Treasurer Josh Mandel, taxpayers are able to pay their state business taxes with cryptocurrency for the first time anywhere in America. Ohio has become the first state in the United States, and one of the first governments in the world, to accept cryptocurrency. From mom and pop coffee shops to Fortune 100 companies, businesses now have the ability to pay their taxes with OhioCrypto.com.”

How to pay taxes with Bitcoin?

Companies only need to register in the website, enter tax payment information and pay with the cryptocurrency using regular wallets.

Mandel’s project includes the expansion into individual filers to pay their personal, or family taxes throughout the website. “Treasurer Mandel believes in leveraging cutting-edge technology to provide Ohioans more options and ease while interfacing with state government. The Treasurer’s office is also working to help make Ohio a national leader in blockchain technology.”

Bitcoin will not be legal in Ohio, but tax bills paid with Bitcoin will go to Atlanta-based cryptocurrency payments company BitPay, which will manage the conversion into USD.

Ohio is joining other countries that are accepting Bitcoins as a regular payment method. Malta and Gibraltar are good examples of that.

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