Ohio has become the first state in the U.S. and the first governments in the world to accept Bitcoin (BTC-USD) for tax payments.
The state has launched an online platform called OhioCrypto.com, to allow businesses to pay taxes with cryptocurrency. Eligible for payment on the website include 23 different taxes.
“We are proud to make Ohio the first state in the nation to accept tax payments via cryptocurrency,” Ohio Treasurer Josh Mandel said in a statement. “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.”
Partnership with BitPay
Ohio has selected BitPay as a cryptocurrency payment processor. Payments made on OhioCrypto.com will be immediately converted to USD before being deposited into a state account, meaning that taxes will not be paid ultimately in Bitcoin, but rather Ohio is making it easier to convert Bitcoin into dollars for the purpose of paying taxes in US dollars.
“The State of Ohio is the first major government entity offering its citizens the option to pay with cryptocurrency,” Stephen Pair, the CEO of BitPay, said in a press statement. “With BitPay, Ohio can leverage blockchain technology and benefit from reduced risk and identity fraud as well as enabling quick and easy payments from any device anywhere in the world and get paid in dollars. This vision is at the forefront of moving blockchain payments into mainstream adoption.”
Bitcoin is the only cryptocurrency currently eligible for payment at OhioCrypto.com. The Treasurer’s office plans to add other cryptocurrencies in the future.
BitPay is a bitcoin payment service provider headquartered in Atlanta, Georgia. The company provides Bitcoin and Bitcoin Cash payment processing services for merchants.