Ohio State Authorities Allow Business To Pay Tax With Cryptocurrency

Ohio State Authorities Allow Business To Pay Tax With Cryptocurrency

The authorities of the American state of Ohio said that from Monday, legal entities can use bitcoin to implement tax payments.

So far, this opportunity is only available to businesses, but in the future it is planned to expand the initiative by allowing other taxpayers to pay in this way. To process a crypto payment, a company just needs to register on a special portal, fill in the details, amount, tax period and deposit the necessary funds from a compatible wallet. After that, the money goes to the BitPay service, where it is converted into dollars and redirected to the treasury..

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The innovation was initiated by the state treasurer Josh Mandel, according to whom, in the future, he plans to make cryptocurrency legal tender in Ohio, even unless approved by the governor and local authorities. The state has previously implemented a distributed ledger technology initiative. In the summer, the data stored in the blockchain received legal force and can now be used in court.

Other states in the spring announced their intentions to recognize virtual currency as legal tender, but during the consideration of bills, such clauses were excluded or documents are still under consideration..

Ohio State Authorities Allow Business To Pay Tax With Cryptocurrency

State institutions are increasingly talking about their intentions to use cryptocurrency in their activities. Recently, the central banks of the UK, Canada and Singapore proposed to solve the problems of the existing system of cross-border payments using the digital currency of the central banks..

text: Ivan Malichenko, photo: 3.bp.blogspot, pbs.twimg

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