The state of Ohio has announced that it will accept Bitcoin for Tax Payments as a much needed respite to the deteriorating market condition of the cryptocurrency.
This is a crucial time for such a move. Ohio becomes the first state to do so.
This move is a turning point in terms of institutional approval, but its timing is also perfect— giving hope to what has been a very dark cloud for Bitcoin.
The initiative begins now. Businesses in Ohio can pay their taxes, which including anything ranging from tobacco to public utilities, on OhioCrypto.com. 23 different taxes can be paid for using the cryptocurrency. For instance Public Utilities Tax, Sales Tax, Seller’s Use Tax, and Severance Tax.
The aim of the new payment option is to simply make things easier for taxpayers. But will it also make Ohio a cryptocurrency magnate? Will this move spur on other crypto adoption schemes?
State treasurer Josh Mandel spearheaded the new system and is “confident that this cryptocurrency initiative will continue.”
Bitpay, the crypto payment provider, will process all Bitcoin payments on the website.
Businesses will be the first to avail of the new system. The State plans to expand it to individuals in the near future. And it seems Ohio is quite positive.
will the move push for Institutional Acceptance?
US government bodies have experimented with Bitcoin in various ways before. The State of Florida also announced a similar initiative to accept cryptocurrencies for tax payments.
Even though this announcement was made back in May, the state has not yet integrated it. Also in 2018, it was reported that a San Francisco federal judge ordered a criminal to make a bail payment in Bitcoin. However, this decision was later reneged on as the transaction process for such a payment was complicated.
Will Ohio’s move stick though? Investors are keen for signs of hope for the coin. Ohio may have just given them one.