Ohio Sets a Record as the First State to Accept Bitcoin as a Form of Tax Payment

True, 2018 brought with it lots of groundbreaking events in the crypto sphere but this is on a whole new scale. Although Bitcoin has gained recognition in various industries and sectors, the government has remained adamant in their decision to sit on the fence. This skepticism stems from the fact that the digital economy cuts both ways. If there is anything the government has done so far, it is making strict rules to help protect her citizens from crypto frauds.

Lots of pro-crypto articles, petitions and manifestos have been published. There have been lots of calls for the government to embrace this future technology and I think our voices just got to them as the state of Ohio has set out to be the first state to embrace blockchain technology at the government level.

According to the Wall Street Journal, starting this week, businesses located in the state can now pay their taxes with Bitcoin. This will be made possible through the state’s crypto platform dubbed OhioCrypto.com. Businesses who wish to pay their taxes through Bitcoin are required to visit the site for registration.

Josh Mandel, Ohio’s Treasurer and the brain behind the new initiative, explicitly stated that the state has no intention of gathering Bitcoin for itself. In fact, the payment would be made through the Atlanta-based payment processor, Bitpay, which has been saddled with the responsibility of converting each unit of Bitcoin to U.S. dollar before sending it to the state. Additionally, he reiterated that the goal of this initiative is to help project Ohio as a leader in the technology economy. What tech-friendly state wouldn’t be on board with the ‘new’ tech?

According to Mandel, this initiative will help provide Ohioans with a safe and easy tax payment option. Anyone interested in using Bitcoin as a means of tax payment would enjoy the ease of paying anywhere in the world. A 15 minutes window would be opened for each transaction and the site has agreed to take full responsibility for any mishap that occurs during that period. Mandel, whose term in office is about to be over, reassured Ohioans that the technology will continue after his term.

This is a big win for the crypto sphere as it goes to show that although the technology can be described as two-edged, there is an edge that promotes positivity. Focusing on the bad edge only makes us lose sight of the other edge. This is a good start for cryptocurrencies being accepted at government level and we hope other states would borrow a leaf from Ohio and make the U.S. a leader in technology economy that it ought to be.

What do you think about the article?

Sharing Is Caring: