The state of Ohio had already given legal value to smart contracts last June, but now we learn that the US state will also agree to be paid in bitcoins for taxes.
Actually, companies in the state are now able to pay their taxes online thanks to the most famous cryptocurrency, Bitcoin (BTC), on a dedicated internet portal called “OhioCrypto.com”. Ohio State Treasurer Josh Mandel is a true crypto-enthusiast who has carried this project because as he maintains: Bitcoin is a “legitimate form of money”. The settlement of taxes in BTC will be handled by the company BitPay, which will convert them into US dollars for the State.
Benefits of paying taxes in cryptocurrencies
Ohio is then now the first US state to accept payment of taxes by cryptocurrencies. Similar attempts in other states (such as Arizona, Georgia and Illinois) had been blocked during the approval process. So far, only one Florida county, called Seminole, accepted both Bitcoin and Bitcoin Cash (BCH) for the payment of certain taxes.
Sources: coindesk, cointelegraph Image: pixabay