Ohio emerges as the first state to collect taxes in Bitcoin
The Wall Street Journal broke out the news, that businesses in Ohio will be able to pay their taxes in bitcoin. Ohio emerges as the first state to allow people to pay taxes with a cryptocurrency.
Companies who want to take part in the program simply need to go to OhioCrypto.com and register to pay whatever taxes their corporate hearts desire in crypto (via TechCrunch). The website requires businesses to enter details like their state registration number and tax payment amount and tax period date.
The bitcoin program is intended to be a signal of the state’s broader ambitions to remake itself in a more tech-friendly image.
The Website lists 23 different taxes, from cigarette sales taxes to employee withholding and fuel taxes.
WSJ author Paul Vigna notes that while Ohio’s initiative doesn’t grant the currency legal status, “it would be a kind of tacit approval bitcoin has so far lacked.” (via TheVerge)
Bitcoin some how made it to the treasurer’s office and gave a hope that cyptocurrency will be mainstream in the state of Ohio if not in the country.
The State will be working with cryptocurrency payment startup BitPay to handle its payments, which will convert the bitcoin to dollars.
The site is looking forward to add more cryptocurrency as additional payment options in the future, but for now Bitcoin it is!