The state of Ohio is about to make a ground breaking adoption of Bitcoin by accepting it as a form of payment for tax payments. (Source: WSJ) In this coming week businesses will be able to make payments in Bitcoin, individual filers to follow eventually. The process involves a new site Ohiocrypto.com which will serve as a cryptocurrency tax payment portal. The site breaks down in full detail how to start the process in three easy steps:
- Tell us who you are (register if you aren’t already)
- Enter tax payment info
- Pay with cryptocurrency (payments are processed via Bitpay – the Bitcoin will be converted to USD for payment to the state treasurer)
Ohio state’s treasurer Josh Mandel is the man who came up with the idea to pay in crypto and believes this will help show Ohio is all for crypto adoption. Many other U.S. states have attempted to accept crypto for tax payments as well as campaign donations such as Arizona and Georgia but have not made progress as yet. Ohio is now the first to do this and you can certainly expect the other states to follow this trend. There is no word what other cryptocurrencies will be accepted eventually but we believe the adoption of the top 10 cryptos will follow including Ripple XRP and Ethereum. We believe this is a great move by the state of Ohio and will help push the U.S. to be more crypto friendly, spread knowledge of crypto and increase adoption.