Finance
Ohio accepting Bitcoin for business tax payments
- Ohio is becoming the first US state to accept the Bitcoin
cryptocurrency for business tax payments. - Ohio politicians have been open about their desire to be on
the forefront of blockchain technology adoption. - It’s good news for Bitcoin and cryptocurrency among a stream
of recent negative news.
The state of Ohio will accept Bitcoin for Ohio business tax
payments beginning this week — a first for the US, according to a
report from
The Wall Street Journal.
Bitcoin has
struggled to become a widespread form of payment, but Ohio
Treasurer Josh Mandel says that Bitcoin for business tax payments
has several benefits on the OhioCrypto.com website,
like being “quick and easy,” trackable, secure, transparent,
incurs low fees, and allows taxes to be paid via mobile devices.
There are 23 taxes that can be paid with Bitcoin, including sales
tax and withholdings taxes. For a full list of eligible taxes,
check OhioCrypto.com’s FAQ
page.
Ohio Businesses will be able to pay these eligible taxes via the
OhioCrypto.com site. The Ohio Treasury is looking to add more
accepted cryptocurrencies in the future.
Read more: Even Congress is jumping on the blockchain bandwagon — and
IBM is urging it on
OhioCrypto.com says that the payment option is part of an
initiative to integrate blockchain technology into parts of
Ohio’s government: “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.”
In August, Ohio Speaker Ryan Smith held a
press conference that included politicians, business leaders,
and academics to blockchain’s potential in Ohio. “Because
this is so new and this is just beginning to take shape, we can
position Ohio out front,” Smith said. The same month, Ohio
passed a law that officially recognized blockchain data as a
form of electronic record.
Among news of
crashing Bitcoin prices and general lack of adoption, Ohio’s
acceptance of Bitcoin for business tax payments is boon for
cryptocurrency. Still, it’s only an option and there’s no telling
yet how successful the program will be.
Get the latest Bitcoin price here.>>
-
Entertainment7 days ago
Election 2024: The truth about voting machine security
-
Entertainment6 days ago
Teen AI companion: How to keep your child safe
-
Entertainment6 days ago
‘Wallace and Gromit: Vengeance Most Fowl’ review: A delightful romp with an anti-AI streak
-
Entertainment5 days ago
‘Dragon Age: The Veilguard’ review: BioWare made a good game again
-
Entertainment5 days ago
Polling 101: Weighting, probability panels, recall votes, and reaching people by mail
-
Entertainment4 days ago
‘Only Murders in the Building’ Season 4 ending explained: Who killed Sazz and why?
-
Entertainment4 days ago
5 Dyson Supersonic dupes worth the hype in 2024
-
Entertainment3 days ago
When will we have 2024 election results online?