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Bitcoin Could Now Be Used for Tax Payment in Ohio

Redwan Eid | Nov. 26, 2018
Bitcoin Could Now Be Used for Tax Payment in Ohio

The new initiative does not necessarily mean a recognition for the digital currency talked about, or others. However, the new move sheds light on it being accepted as a payment method.

November 26, 2018 AtoZ Markets-The state of Ohio has recently opened a cryptocurrency portal, that allows businesses to pay with cryptocurrency, starting from this week, according to the Wall Street Journal.

The website, which holds the address of “ohiocrypto.com”, shows in its FAQs the track record with innovation of the state of Ohio, and says that bitcoin is “instantaneous, secure, and transparent” to use for payment.

The website cites 23 different types of taxes for which companies can pay by bitcoin, which varied between tobacco taxes to those for fuel and sales.

Ohio seems to have taken the initiative to allow people to use the cryptocurrency for tax payment, as the WSJ described. The latter also mentioned that the idea was suggested by State Treasurer Josh Mandel.

How to pay and what are the other currencies accepted?

Practically, tax payers just need to enter their state registration number on the website and add their tax payment amount and period date, where after that they can use their digital currency wallet to pay their balance taxes that are due.

Using BitPay, the state Treasurer’s office will then process the payment officially, and while the aforementioned office noted that businesses which operate and pay taxes in Ohio are eligible, others which are not headquartered in the sate can also use the website.

On the other hand, the new tax payment website specified bitcoin as the only accepted digital currency to pay by for now, with stressing that other payment options are currently being considered for future options.

In his turn, Paul Vigna, an author at the WSI, commented saying that the new move the state of Ohio has made, does not grant the cryptocurrency a legal status.

“it would be a kind of tacit approval bitcoin has so far lacked.”, added Vigna.

The latter referred as well to that Arizona, Georgia, and Illinois already considered adopting similar programmes, however non of them have incorporated such methods into their respective legislatures officially so far.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.