The Ohio government has allowed companies registered in the state, to pay taxes in bitcoins, according to Wall Street Journal .
The law, signed by the authorities of the region, states that cryptocurrency can pay all types of taxes and fees – from excise taxes on cigarettes to insurance premiums on employees.
As the author of the initiative, the treasurer of the State of Ohio Josh Mandel, said, the adoption of Bitcoin as a legal means for paying taxes will consolidate the status of the region as one of the most advanced technologies in the United States.
“I really think Bitcoin is a full form of currency, ” said Mandel, adding that he hopes that other states will follow the example of Ohio.
To pay taxes using cryptocurrency, entrepreneurs need to register on the OhioCrypto.com portal.Payment processing will be carried out through the BitPay processing service, which will accept cryptocurrency and convert it to Fiat. It is not yet known how many companies will be interested in a new opportunity, however, as Mandel says, the corresponding requests have been received.
As noted by the WSJ, the decision of the Ohio authorities does not make Bitcoin a full currency, but provides cryptocurrency tacit support. Coin Center director Jerry Brito has already stated that this step “will serve as a signal that Bitcoin can be used by anyone – not just criminals, but also the authorities.”
Previously, the possibility of accepting Bitcoins in payment of taxes was considered by the states of Arizona, Georgia and Illinois, but the necessary bills have not yet been adopted. At the same time, Josh Mandel argues that he does not need the approval of legislators to translate ideas into reality.
In May of this year, the possibility of paying taxes in cryptocurrency was introduced by one of the counties in the state of Florida.