Ohio’s State Treasurer has declared Bitcoin a “legitimate form of currency” as the state becomes the first in the US to accept Bitcoin for business tax payments.
A website called ohiocrypto.com has been launched, where businesses can register to pay up to 23 taxes in Bitcoin, including; cigarette tax, sales tax, withholding tax and motor vehicle fuel tax.
Ohio Treasurer Josh Mandel is the mastermind behind the move, aimed at increasing Ohio’s global tech credentials.
“Treasurer Mandel believes in leveraging cutting-edge technology to provide Ohioans more options and ease while interfacing with state government, states the bitcoin tax payments website.
“The Treasurer’s office is also working to help make Ohio a national leader in blockchain technology.”
The state lists six reasons why it believes businesses should consider paying taxes in bitcoin:
- Quick and easy
- Low Fees
- Real-time Blockchain Tracking
- Blockchain Transperancy
- Mobile payment option
Individuals will be able to pay taxes in Bitcoin too
Speaking to the Wall Street Journal, Treasurer Mandel said he expects individuals will soon be able to join business in paying their state taxes using Bitcoin.
“Beginning this week, Ohio businesses will be able to go to the website ohiocrypto.com and register to pay everything from cigarette sales taxes to employee withholding taxes with bitcoin. Eventually, the initiative will expand to individual filers,” he told Journalist Paul Vigna.
“I do see (bitcoin) as a legitimate form of currency,” he added.
Ohio has an estimated population of just under 12 million.
Bitcoin payments company, BitPay, has been contracted by the state to facilitate the Bitcoin tax payments.