Now if you live in Ohio, you can pay your state taxes in Bitcoin! Yes you heard that right, Ohio has become the 1st to allow for the payment of various taxes in Bitcoin, from tobacco sales tax to public utilities taxes. There are catches of course, such as, a 3 phased process to even be able to pay in Bitcoin.
- First step is, businesses need to register with the office of the Ohio treasurer, using the dedicated portal ( OhioCrypto.com )
- Second step is, to enter tax details such as payment amount and tax period
- Third step is, to pay the amount due in Bitcoin using a ” compatible ” cryptocurrency wallet.
Compatible wallets include the Bitcoin Core client, Mycelium and breadwallet, and others that are compatible with the Bitcoin Payment Protocol.
Other States Consider Ohio’s Move
Illinois, Arizona, and Georgia were also considering the same move, however all three fell short of votes, due to a lack of understanding on cryptocurrency in general, said Georgia’s Senator Mike Williams.
Ohio has also been working on other blockchain technologies to be brought into the legal limelight, such as data stored and transacted on the blockchain, which is what we all need, if we want to even think about a universal basic income for all!
Ohio, also pitched a future hub for blockchain, in efforts to garner further attention from companies looking to invest. The future is ripe for growth if we are starting to see such traction take place, even amidst a cryptocurrency price fall such as recently.