Ohio State Treasurer Halts Cryptocurrency Tax Payments; Not A Popular Option Anyway
The state of Ohio has recently put hold on its online payment portal (OhioCrypto.com) that enables tax payments using Bitcoin crypto.
It has been less than a year since OhioCrypto.com portal was launched in Columbus, Ohio’s state capital. Its immediate suspension was announced by the treasurer of Ohio State Robert Sprague. The decision was voted in by senior elected officials from the Board of Deposit which is tasked to supervise banking and financial methods of the state.
According to a press release on the 2nd of October, the treasurer of Ohio State announced that the Board of Deposit had to first approve of the website before it could kick off with its online tax payments. The Board has also requested the Attorney General Dave Yost to counter check the legalities of how OhioCrypto.com was set up to confirm if the correct protocol was followed.
State Treasurer Robert Sprague said the state of Ohio openly welcomes new innovations and technologies in the financial field for the better of the state’s future. He, however, emphasized that all new processes had to be in accordance with the law of Ohio. He added that the website will remain suspended until the Attorney General issues a formal opinion on the matter. It is the treasurer’s job to protect the state’s dollars and ensure that all processes are in accordance with the set laws. As at the moment, the website has been set to redirect its users to the treasurer’s main site.
Tax Payments Via Crypto Not Very Popular
The state treasurer explained that it has been close to a year since the launch of OhioCrypto.com and in that same time span less than 10 businesses have used their services to pay their taxes. Robert Sprague’s predecessor Josh Mandel was the one who launched the program back in November 2018. Josh Mandel said that at the time of launching the project, their main aim was to welcome national cryptocurrency adoption in the state.
Sprague, on the other hand, does not believe in Bitcoin as a justifiable form of currency. Cointelegraph however recently reported that Ohio is planning to invest majorly on blockchain startups through 2021. At the moment, however, Ohio’s county Auditor’s Association is putting together a team of experts to research on blockchain advantages when dealing with real estate and land title transactions