The state of Ohio in the United States will soon become the first to accept tax payments in Bitcoin (BTC), as Ohio embraces Bitcoin taxes. This news was reported by the Wall Street Journal on Monday, November 25. According to the WSJ, the first phase of the move will only apply to businesses. But there are plans to roll out the feature to individual taxpayers in the nearby future.

Beginning from this week, businesses based in Ohio “will be able to register to pay all of their taxes in the leading cryptocurrency.” BitPay, a cryptocurrency payments service, has been put in charge of processing all payments.

This recent move by the state of Ohio was initiated by Josh Mandel, the State Treasurer. Speaking on the crypto-friendly move by his state, Mandel told reporters that in terms of national cryptocurrency adoption, he is “looking to plant a flag” for Ohio. In his own words, “I do see Bitcoin as a legitimate form of currency.”

Ohio Crypto Tax Move Continues

Furthermore, Mandel revealed that after his term ends in January next year, he is confident the cryptocurrency initiative will continue. He told reporters that as an elected state official, he can decide for his office to accept digital currency without needing approval from the legislature or governor.

This move by Ohio contrasts sharply with other US states. Several bills proposing crypto acceptance for taxes have been delayed by lawmakers in the past year.

In May, the Arizona House of Representatives passed a bill to let citizens pay taxes with cryptocurrency. However, this initiative was blocked by a series of amendments.

Georgia also introduced a bill in February proposing cryptocurrencies as valid payment for state taxes and licenses. As of now, the bill shows only 25% progress and has died in committee.

In conclusion

Citizens of Ohio can now pay their taxes in Bitcoin, according to the Wall Street Journal. Ohio embraces Bitcoin taxes with this new initiative. At first, only businesses in the state can make payments. However, individual taxpayers will be included soon. BitPay, a cryptocurrency payments service, will process all the payments.

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