Ohio Is The First State That Accepts Bitcoin For Taxes – Crypto Is Seen As Secure, Transparent & Low Cost

So far, there have been a lot of concerns that Bitcoin would never be able to become a means for making payments. Instead, it used to be described as a store of value.

Naysayers have been calling Bitcoin slow and expensive, but it seems that all of this is about o change.

Ohio starts accepting Bitcoin payments for taxes

Starting today, Ohio begins accepting Bitcoin payments for 23 kinds of business taxes. This is the very first state in the US and also one of the first governments in the world to accept crypto.

Via the use of payment service BitPay, Ohio State offers Bitcoin as a means to pay state taxes.

Ohio Treasurer’s website says that 23 kinds of business taxes will become available for payment in crypto.

These will include utility tax, sales tax, and employee withholdings. The website states that the state adopts crypto payments because they’re seen as secure, transparent and low cost as well.

“Cryptocurrencies cannot be transferred to third parties without user initiation, thereby practically eliminating fraud; Anyone can view all transactions on the blockchain network; Payments on the blockchain can be tracked on a second-by-second basis; a minimal fee is charged to confirm transactions on the blockchain network.”

More cryptos will be accepted shortly

The payment options will go beyond Bitcoin and “the Treasurer’s office looks forward to adding more cryptocurrencies in the future,” according to the website.

Currently, the state is looking to become a blockchain technology epicenter and the Treasurer’s Office said that they’re working hard to make Ohio a national leader.

This is an important milestone as the use of crypto have the opportunity to make governments more secure, with enhanced transparency and increased efficiency as well. This move is the first of its kind, and it will definitely trigger more similar actions, we’ll just have to wait and see them coming.

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *