Ohio To Be The First US State to Accept Bitcoin for Taxes

Ohio is poised to become the first state in U.S. to accept Bitcoin (BTC) as tax payment.

The move initially applies only to businesses. However, there are plans to extend the offering to individual taxpayers as well. Ohio-based businesses starting this week will be able to register to pay all their taxes in the leading cryptocurrency. The payments would be processed via crypto payments service BitPay.

The crypto-friendly move was initiated by state Treasurer Josh Mandel. He said he is looking to “plan[t] a flag” for Ohio in terms of national cryptocurrency adoption and he sees bitcoin as a legitimate form of currency.

Mandel also said that he is confident that this cryptocurrency initiative will continue after his term ends in January.

As an elected state official, Mandel is able to decide that his office will accept the digital currency without an approval from the legislature or governor.

Several bills in other states in the past year which proposed accepting crypto for taxes have been initiated, but state lawmakers have delayed their final passing.

The U.S. state of Georgia had also introduced a bill in February to accept cryptocurrencies as a valid form of payment for state taxes and licenses. The bill’s status now reads “25% progression, died in committee.”

In May, the Arizona House of Representatives had passed a tax bill that would allow citizens to pay their taxes using cryptocurrencies. However, following the vote, the initiative has been stymied with amendments.