Ohio will be allowed to pay taxes with bitcoins Ohio …
Ohio will be allowed to pay taxes with bitcoins
Ohio is gearing up to become the first American state to accept bitcoins for taxes. Starting next week, local businesses will be able to register on OhioCrypto.com, which will allow them to pay a variety of fees, from cigarette sales tax to payroll tax. In the future, individual taxpayers will also be involved in the initiative. Writes about this Wall Street Journal.
The idea to collect tax revenues in bitcoin came from Ohio State Treasurer Josh Mandel, who has been in office since 2011 and has shown interest in the digital finance sector for several years. Mandel argues that the new program will be payer-friendly while at the same time raising the flag in Ohio as an enabling jurisdiction for the new financial system..
“I really do consider Bitcoin to be a legitimate form of currency,” Mandel said, adding that he hopes other states will pick up his initiative..
As the WSJ notes, the decision of the Ohio authorities does not make bitcoin a full-fledged currency, but provides tacit support, which it lacked until this time. Jerry Brito, director of the Washington-based research firm Coin Center, suggests the move “will send out a message that bitcoin technology can be used by anyone – not just criminals, but also the authorities.”.
Earlier, Arizona, Georgia and Illinois considered accepting bitcoins for taxes, but the necessary orders were stuck at the state level. Mandel says he doesn’t need the approval of any legislator to make his vision come true.
The processing of tax receipts will be carried out through the BitPay processing service, which will accept cryptocurrency and convert it to fiat. How many companies will be interested in the proposed opportunity is unknown, but Mandel has confirmed that he has received inquiries..
The Delaware authorities started using blockchain for registration of legal entities about two years ago, but the program “stalled” after its initiator left the service. Mandel is convinced that the latest proposal will not repeat this scenario, although his term ends in January. “I am confident that the cryptocurrency program will continue,” he said.
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