Wednesday, July 17, 2019

Ohio is Now the First State to Officially Accept Bitcoin for Tax Payments

From Monday, November 26, residents of Ohio will be able to make tax payments using Bitcoin. A media outlet reported this stating that cigarette sales taxes and all other taxes levied on citizens can now be paid with the virtual currency. Accordingly, the State has opened its doors to companies that may want to pay their tax on its portal.

Bitpay to Facilitate Ohio’s Tax Payment With Bitcoin

The portal is ohiocrypto.com and Bitpay’s service has been employed to facilitate payments. Here, Bitcoin sent will be converted to the dollar equivalent before payments are processed. Therefore, this development makes Ohio the first State in the US to officially accept cryptocurrency for handling taxes.

The State would’ve been overtaken by others like Georgia, Arizona, and Illinois who were the first to consider adopting a cryptocurrency as a method of payment. But then, each of them did not go through with the idea. Hopefully, Ohio’s decision will influence that of other States.

Ohio is Fast Becoming a Technological Hub

Ohio can be considered to be a technology hub given that it has a large number of startup companies in Columbus and Cleveland. In the opinion of Josh Mandel, State Treasurer of Ohio, this move is supposed to be a signal that the State has an ambition of becoming more tech-friendly.

Despite Bitcoin’s downward price trend in the past week, it has not deterred Ohio from passing the bill. Moreover, crypto enthusiasts are hoping that this is the light at the end of this tunnel which will positively impact on Bitcoin’s price. Whichever is the case, expectations are high.

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More Countries Adopting Bitcoin as a Method of Payment

Other countries that have accepted Bitcoin as a method of payment can be attributed to the efforts of private companies. Australia, for instance, has an IvyPay system that was designed by the company Ivy. This system allows Australians to pay their bills using Bitcoin, Litecoin, Bitcoin Cash, and Litecoin. The best part is, these digital assets can be converted to dollars and then transferred into the user’s bank account.

Related Article:  Montana County Postpones Decision on Banning Bitcoin Mining Activities

In the same vein, a Zimbabwean Online store allows citizens to purchase foodstuff and toiletries with Bitcoin. This is a store that is trying to provide the ordinary consumer an easier means of accessing food items and at the most affordable price. Also, citizens of this country welcomed the idea of a store of this nature. This is due to the level of inflation in the nation.

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]
 

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