Ohio has become the first state in the country to allow businesses to pay their taxes using cryptocurrency.
According to a report by Ohio Treasurer Josh Mandel, the website OhioCrypto.com is the first in the country and is one of the world’s first government-run sites that provide businesses the ability to leverage cutting-edge blockchain technology to pay tax with cryptocurrency. According to FAQ`s on the website, There are 23 taxes eligible for payment on OhioCrypto.com.
Mandel said, “We are proud to make Ohio the first state in the country to accept cryptocurrency for tax payments.” “We are doing this to provide Ohioans more choices and ease in paying taxes and also to project Ohio’s leadership in embracing blockchain technology.”
According to the release, payments on blockchains provide real-time tracking, and cryptocurrencies cannot be transferred to third parties without user initiation.
A minimal fee is charged to confirm the transaction and anyone can see all the transactions on the blockchain network.
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Bitcoin is currently the only cryptocurrency eligible for payment on Ohiocrypto.com, and Treasure’s office says it is hoping to add other cryptocurrencies in the future.
According to the release, Treasurer’s office will never hold cryptocurrency. Payments made on OhioCrypto.com are immediately converted into USD before depositing in the State Account.
The Office of the Treasury has partnered with BitPay as a third party cryptocurrency global payment processor.