Second Change for Cryptos? Ohio Is the First (and Only) US State that Allows Businesses to Pay Taxes with Bitcoin – Here’s How to Use It

105

Thought that cryptocurrency is the past – then you’ll be surprised to hear that Ohio became the first state to allow businesses to pay taxes with Bitcoin.

Here’s what Nexter.org learn about it.

for taxes is a real thing now

As the value of Bitcoin continues to drop, Ohio becomes the first US state to accept the cryptocurrency in paying taxes.

Starting this week, many businesses in the state will be able to make tax payments on a variety of sales, as well as employee withholding and public utility taxes with Bitcoin.

“We are proud to make Ohio the first state in the nation to accept tax payments via cryptocurrency,” said Ohio Treasurer Josh Mandel in a press release.

“We’re doing this to provide Ohioans more options and ease in paying their taxes and also to project Ohio’s leadership in embracing blockchain technology.”

Companies that want to take part in the program simply need to go to OhioCrypto.com and register to pay in crypto whatever taxes their corporate hearts desire. It could be anything from cigarette sales taxes to employee withholding taxes, according to a report in The Wall Street Journal, which first noted the initiative.

The state will use BitPay, a cryptocurrency global payment system, to complete the process.

Source: The BitPay Blog

BitPay will keep the Treasurer’s office from holding or using Bitcoins, and it will allow blockchain technology to create more transparency in transactions.

The system will reduce risk and identity fraud, and let payments be made quickly from anywhere, said Stephen Pair, BitPay co-founder and CEO.

As you remember, Bitcoin recently touched a low of $4,000 a coin, its weakest mark since October 2017, and now it has dropped to $3,677.

Source: coinbase


MORE HOT NEWS

Summary
Second Change for Cryptos - Ohio Is the First (and Only) State that Allows Businesses to Pay Taxes with Bitcoin
Article Name
Second Change for - Ohio Is the First (and Only) State that Allows Businesses to Pay Taxes with Bitcoin
Description
Thought that cryptocurrency is the past - then you'll be surprised to hear that Ohio became the first state to allow businesses to pay taxes with Bitcoin. Here's what Nexter.org learn about it.
Nexter.org
Nexter.org
Nexter.org
/wp-content/uploads/2018/04/logo_nexterbg.jpg
  Subscribe  
Notify of

More News from Nexter