Ohio State Treasurer OKs Bitcoin Tax Payments
According to a report from The Wall Street Journal, outgoing State Treasurer of Ohio Josh Mandel has greenlighted bitcoin tax payments in the state. Local businesses, and soon individuals, will be able to pay tax bills in the genesis cryptocurrency via OhioCrypto.com.
Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts
BTC ‘A Legitimate Form of Currency,’ Says Mandel
According to the Journal report, Mandel has approved Ohio tax offices’ acceptance of bitcoin payments starting in late November 2018. The treasurer, who leaves office in January 2019, sees the move as putting Ohio at the cryptocurrency vanguard in the U.S.
Mandel’s pivot won’t deem bitcoin as legal tender in the state per se, but the ensuing de facto acceptance marks another modest but notable step toward the American mainstream for the OG cryptocurrency this year.
For its part, Ohio’s economy is among the nation’s top 10 and was ranked 21st among all global economies by the International Monetary Fund in 2017.
Enterprises in the state will now be able to cover any and all of their state tax burdens via the OhioCrypto.com portal, which will use bitcoin payments service BitPay to convert BTC to USD for the Office of the Treasurer.
Filing possibilities for individuals are also coming, though no timeline for that functionality was specified.
Ohio First Across the Bitcoin Tax Line?
For example, Arizona’s bill was eventually all but gutted of cryptocurrency references before being set aside altogether.
As such, Mandel’s greenlighting means Ohio stands to be the inaugural U.S. state to accept tax payments paid in bitcoin.
Copycatting is routine between U.S. states, too; Illinois legislators looked to Georgia’s and Arizona’s proposed crypto bills in drafting their own, for instance. That means other states will surely take notice of Ohio’s bitcoin embrace and perhaps even follow suit.
California and Colorado seem like prime targets for that path, as both of these states just respectively elected America’s first pro-Bitcoin governors.
Cleveland Angling to Become a Crypto Hub
Cleveland, Ohio’s second-largest city and the 51-largest city in America, is home to the Blockland initiative, a movement aimed at fostering a “blockchain technology ecosystem” in their hometown.
The Blocklanders want to put Cleveland on the map as a U.S. and global blockchain hub. There’s even talk of building a sprawling downtown campus where distributed ledger companies can come for incubation.
The newfound ability to pay taxes in bitcoin likely won’t be a decisive factor for any cryptocurrency enterprises looking at Cleveland. But it is certainly would be one interesting perk for such companies regardless.
What’s your take? Can Ohio succeed in becoming a cryptocurrency and blockchain hub? Let us know in the comments section below.
Images via Pixabay