As per The Wall Street Journal, it has come to our attention that Ohio will become the first ever American state to accept bitcoins as a payment to resolve tax bills (https://www.wsj.com/articles/pay-taxes-with-bitcoin-ohio-says-sure-1543161720?mod=searchresults&page=1&pos=1).
It has also been revealed that this new endeavor will be in effect this coming week – permitting businesses to register with the state via OhioCrypto.com to, “pay everything from cigarette sales taxes to employee withholding taxes with bitcoin,” reports The Wall Street Journal.
News outlet, The Block also reported on this matter and revealed that the entirety of the new endeavor was supposedly proposed by Ohio’s Treasurer, Josh Mandel (https://www.theblockcrypto.com/tiny/ohio-set-to-become-the-first-u-s-state-to-accept-bitcoin-for-tax-bills/).
Mandel supposedly trusts that it will be a time and cost-efficient method while making Ohio both a worthy competitor and supporter of the crypto sphere. He also seems to strongly believe that bitcoin is a “legitimate form of currency.”
As for the way in which Ohio will be accepting bitcoin payments, they have decided to integrate global bitcoin payment service provider, BitPay. Ultimately, the bitcoins sent to Ohio’s Treasurer Office will be converted into USD via BitPay.
This is definitely a big move on Ohio’s part, considering the fact that bitcoin and other digital assets have not been legalized in Ohio and many other states. Despite the lack of legalization, it should be noted that said states are realizing the real-life uses behind digital assets and that alone could stimulate regulators to rethink their strict and negative outlook on them.