As per a recent report by the Wall Street Journal, businesses in the state of Ohio can now pay their taxes using Bitcoin. Starting this week, companies who intend to make settlements for their tax expenses with Bitcoin (BTC) can visit OhioCrypto.com and enlist to pay all their combined taxes to the government in BTC. The state government has cooperated with payment processor BitPay to deal with the crypto payments and exchange them to dollars for the tax service.
This great thought was initiated by the current state treasurer, Josh Mandel, who welcomed the initiative of the Ohio government as an extraordinary method to rebrand the Buckeye State with groundbreaking tech solutions. Bitcoin has been utilized for hypothetical objectives in most of the cases in America and hasn’t been accepted as a method for payment by merchandise and enterprises for several reasons. The main reason behind this is the huge instability in its value, which makes numerous retailers reluctant to acknowledge it, despite the fact that this is usually not something that they should stress over when utilizing as a payment mode, like, BitPay or Coinbase.
Mandel said that he considers the top cryptocurrency as an authentic form of payment. He has expressed his interest in cryptocurrency since his election in 2011.
While, right now, Ohio’s step won’t do a lot to influence the downtrend of digital currencies, it’s yet a win-win situation for Bitcoin and a type of government endorsement, which the cryptocurrency has been lacking in the US.
The chief executive of Coin Center, a crypto campaigning firm, said that a government organization like the state treasury of Ohio accepting tax payments in Bitcoin is a very positive step. He considers Bitcoin as an innovative currency that can be utilized by anyone—by miscreants and by governments as well.
Besides Ohio, other states in the US who have considered Bitcoin payments for taxes include states like Illinois, Arizona, and Georgia. However, the bills related to it were obstructed at the government level.
Not long ago, the Ohio-based Great Lakes Science Center reported its choice to acknowledge Bitcoin payments, a movement which the museum hall expects will help build the blockchain business.
Kirsten Ellenbogen, CEO of Great Lakes Science Center indicated that visitors could pay for their registration tickets into the gallery with BTC. Ellenbogen added, “There is a lot of excitement around the conference. Accepting bitcoin is just a small part of the momentum to grow a blockchain ecosystem in Cleveland.”