Ohio State Approves Bitcoin Tax Acceptance Initiative

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On November 25, the Wall Street Journal (WSJ) announced that Ohio is set to become the first state in the United States to accept Bitcoin to pay taxes.

According to the WSJ, initially this tax payment system will be designed for large companies, but in the future, the service will be available for individuals. Companies located in Ohio will be able to register and make tax payments using cryptocurrency already this week. Reportedly, payments will be made using the BitPay platform services.

Reportedly, the proposal to introduce a new service was put forward by state treasurer Josh Mandel, who said that he intends to make Ohio a leader in the adoption of cryptocurrency:

“I do see [bitcoin] as a legitimate form of currency.”

Also, Mandel noted that, in his opinion, the initiative to adopt cryptocurrency will be considered in January of this year. As a government official chosen by the people, Mandel noted that he could decide on the implementation of cryptocurrency without the need for government approval.

It is worth noting that a number of similar bills were submitted in other states, but the government did not support the initiative to implement cryptocurrency.

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