Beginning from this week, Ohio becomes the first state to accept tax payment in Bitcoin. Reporting to Wall street journal, companies in Ohio who are willing to pay tax bills via Bitcoin should visit “ohiocrypto.com”. By registering over the websites, businesses will be able to pay an array of taxes (notably 23 taxes) including tax of cigarette, tobacco and fuel sales to employee withholding taxes”.
The article notes that;
Eventually, the initiative will expand to individual filers,”
As per the sources, Josh Mandel, the State Treasures states will leave the position by January which will be replaced by Robert Sprague. Mr. Mandel told journal that he doesn’t see bitcoin as a “legitimate form of currency” and he expects another state to walk on the similar footprint. However, Mr. Mandal is the first state treasure to allow people paying taxes with crypto since the payment in bitcoin is quite secure, transparent and instantaneous.
Businesses should provide their state registration number with the period date and tax payment amount. Moreover, they can directly connect their crypto wallet to proceed payment. At present, the website works well on Mobile devices and not reachable on desktop applications. Only businesses operating in Ohio will be able to access this facility. Currently, BitPay is integrated as a payment gateway to accept tax bills in Bitcoin and the state is planning to add few more cryptocurrencies in future beyond Bitcoin.
The state of Ohio has decided to accept Bitcoin as a payment option for taxes.
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Reports also claim that the facility is restricted to individuals which may be enabled in future. Furthermore, it is quite interesting to look forward to how well businesses can make use of this initiative.
ohiocrypto.com website notifies its users about the BitPay services, stating that;
“BitPay sets the exchange rate for a 15 minute allotted time window for each transaction once a business taxpayer begins to make their payment at OhioCrypto.com. “BitPay assumes the risk of any market fluctuations during the allotted time window.”