By Nina Kikava - News - 2 weeks ago

Ohio Accepts Bitcoin for Taxes

According to the Wall Street Journal report, that was published on November 25, state Ohio is planning to implement Bitcoin payment for taxes. It will be the first state to accept Bitcoin for taxes.

As the report states, at first this news only applies to businesses, but in the future, it will be available for individual taxpayers as well. For now, businesses are able to pay all the taxes in the largest cryptocurrency on the market Bitcoin. Payments will be made with the help of crypto payments service called BitPay.

State Treasurer Josh Mandel, made a comment on this matter. He is the author of this idea, in order to make crypto adoption in the state more popular:

“I do see [bitcoin] as a legitimate form of currency.”

He is also convinced that this idea will proceed and will also include individual taxpayers, in spite of his term coming to an end in January. He also stated:

“My office will accept digital currency without approval from the legislature or governor.”

This is not the first time, when the U.S. is initiating an idea, in order to make the adoption to cryptocurrencies more popular. As BNG stated earlier, one of the major US museum Great Lakes Science Center is now accepting Bitcoin for the entrance fee. Just like now, the payments will proceed with the help of payments service BitPay. Great Lakes Science Museum is not the only museum in the US that accepts Bitcoin as the payment. The Museum of the Coastal Bend and St. Peterburg Museum of History are two other museums that are embracing the future.

Earlier this year, state of Georgia initiated Bitcoin for taxes as well. They introduced Bitcoin as a valid payment method for taxes and licenses.