Ohio becomes first state to accept cryptocurrency for tax payments

State News
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COLUMBUS (WCMH) — Ohio has become the first state in the nation to allow businesses to pay their taxes using cryptocurrency. 

According to a release from Ohio Treasurer Josh Mandel, the website OhioCrypto.com is the first in the nation and one of the first government run sites in the world that will enable businesses the ability to leverage cutting-edge blockchain technology to pay taxes with cryptocurrency.

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

Payments on the blockchain offer real time tracking, and cryptocurrencies cannot be transferred to third parties without user initiation, according to the release. 

A minimal fee is charged to confirm the transactions and anyone can view all transactions on the blockchain network. 

Bitcoin is the only cryptocurrency currently eligible for payment at OhioCrypto.com, and the Treasurer’s office says it is hoping to add other cryptocurrencies in the future.

At no time will the Treasurer’s office hold cryptocurrency, according to the release. Payments made on OhioCrypto.com are immediately converted to USD before being deposited into a state account.

The Treasurer’s office has partnered with BitPay as a third party cryptocurrency global payment processor.
 

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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