Ohio Accepts Bitcoin And Bitcoin Cash
Ohio has made an interesting move and it may just be that other states will follow. The state now accepts Bitcoin and Bitcoin Cash through its BitPay-serviced payment portal.
CCN reported on the issue and stated:
“Ohio will become the first state in the US to officially accept tax payments in bitcoin, according to a Wall Street Journal Report. Beginning this week, businesses who plan to make settlements for their taxes with bitcoin can visit OhioCrypto.com and register to pay all their corporate taxes to the government in BTC. The state government has partnered with crypto payment processor BitPay to handle the payment in crypto and conversion to dollars for the tax office.”
The big question that arises here is whether this approach makes cryptocurrency a currency. At the end of the day, even though Ohio allows for payments using bitcoin, it will convert the payment into dollars. As a result, it isn’t as if the state is accepting and keeping the payments in cryptocurrencies. On the payee side though, it allows them to keep all of their payments, transactions, and tax payments in cryptocurrency, which means that they can remain in the ecosystem.
Further, payments in cryptocurrency may be better than traditional currency payments due to the low fees. Thus, those who pay Ohio state taxes and are looking to cut down on fees may want to consider paying in Bitcoin or Bitcoin Cash.