Bitcoin News

Two Businesses have used Bitcoin for taxes so far in Ohio

The Ohio state treasure sees payments in bitcoin

According to reports coming from the Ohio state, which is the first state in the US to start accepting cryptocurrency for taxes. Has reported that there has been two official businesses that have started payments in bitcoins for taxes. The news was stated by the state treasurer, Robert Sprague.

He gave a speech at the forum, were he revealed that the organization in the Ohio State Associated Press which was earlier this month, has made an announcement about the transactions. Sprague took questions about the department´s experience with the acceptance of BTC payments in it’s financial registry for taxes. After a few weeks there has been two businesses that has officially signed on to start using bitcoins as an option for payments. This payment option is available through the states official crypto payment platform called “OhioCrypto.com”.

Sprague also mentioned that:

“We’re reviewing how the program might be either curtailed or might be explained and what our counter-party risk is with that vendor.”

There was no indication however, of the amount of bitcoins that the state has received through the program, as this is financial confidentiality. The state of Ohio has been seeing a slow rate of adoption, but this has not deterred it away from becoming one of the major blockchain industry hubs in the US.

The state revealed that it would be accepting payments in November last year in Bitcoin. The state is very eager to help Ohio stand out with the adoption of cryptocurrencies in the state. As it sees Bitcoin as a legitimate form of currency.

Businesses have to go through three steps in order to start paying with BTC in Ohio.

  • The Business needs to first register with the office at the Ohio Treasurer.
  • Secondly, the business is required to enter its tax details on the platform in order to pay with a compatible bitcoin wallet. The firm currently uses Bitcoin Core, Mycelium and BRD.
  • Thirdly, the payment has to be processed by the Bitpay firm, which will then be converted back into fiat dollars and sent to the state treasurer’s office.

What do you think of this process of using bitcoin for taxes? Feel free to leave a comment down below.

coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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