Ohio set to become the first U.S state to accept Bitcoin for tax payments: WSJ
Over the years, digital assets have gained popularity but its usage for payments has remained low. However, the situation could be slowly changing as Ohio might reportedly become the first U.S state to accept Bitcoin for tax payments. The move will be applied to businesses initially and will be implemented for individuals in the future, according to a World Street Journal (WSJ) report.
Starting this week, businesses in Ohio will reportedly be able to register on OhioCrypto.com to pay their taxes in Bitcoin. The payments will be processed via BitPay, a crypto payments service. The recent move was reportedly initiated by Josh Mandel, the state’s Treasurer. “I do see [bitcoin] as a legitimate form of currency,” Mandel told WSJ.
He also told WSJ that he is “confident that this cryptocurrency initiative will continue” even after his term ends in January. Mandel, as an elected state official, was able to take the decision that his office will be able to accept the top cryptocurrency “without approval from the legislature or governor”.
In the past, lawmakers in other states in the U.S. have delayed the process of passing several bill proposals for accepting crypto as tax payments. In fact, a tax bill was passed by the Arizona House of Representatives in May allowing citizens to pay their taxes using digital assets. But soon after the vote, amendments to the bill curbed the growth of the initiative.
Aother U.S. state, Georgia, had also introduced a bill in February to accept digital currencies as payment for taxes and even licenses. However, the status of the bill currently shows “25% progression, died in committee”.
When the bill was introduced by Republican state senators, Joshua McKoon and Michael Williams, they had proposed that “[t]he commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to Bitcoin, that uses an electronic peer-to-peer system”.
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