According to a November 25 report by The Wall Street Journal, Ohio is poised to become the first U.S. state to allow tax payments in Bitcoin.
Key Details of the Initiative
- Initial Phase: Limited to business taxpayers, with plans to expand to individual taxpayers in the future.
- Launch Timeline: Starting this week, Ohio-based businesses can register to pay taxes using "top-ranked cryptocurrencies."
- Payment Processor: Transactions will be handled by crypto payment service provider BitPay.
Behind the Policy
State Treasurer Josh Mandel spearheaded this crypto-friendly measure, aiming to position Ohio as a pioneer in cryptocurrency adoption:
"I do view Bitcoin as a legitimate form of currency."
Mandel confirmed that the initiative would proceed despite his term ending in January, asserting his authority to implement fiscal policies without legislative approval.
Contrast with Other States
While other states have proposed similar crypto-tax bills, progress has stalled:
- Arizona: Passed a bill in May but later flagged for revisions.
- Georgia: A February bill to accept crypto payments remains at "25% progress" with committee inactivity.
FAQs
Q: Can individuals pay taxes in Bitcoin?
A: Not yet—the program initially applies only to businesses.
Q: How are Bitcoin payments processed?
A: Via BitPay, which converts crypto to USD for the state.
Q: Will this policy survive leadership changes?
A: Mandel believes it will continue, citing institutional support.
👉 Explore crypto payment solutions for businesses adapting to blockchain trends.
Note: This article is for informational purposes only and does not constitute financial advice.
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