In the US, Ohio the state government has partnered with crypto payment company Bitpay. Moreover, by doing this every business in Ohio can now pay taxes using Bitcoin.
According to WSJ, The companies who want to pay their taxes in BTC can visit OhioCrypto.com. Here they can visit and pay taxes to the state government using Bitcoin.
This initiative was started by Josh Mandel the current state treasurer. He has been interested in bitcoin since 2011. And also, he sees bitcoin as a legitimate form of currency.
Mandel thinks by accepting cryptocurrency in Ohio will make it tech-forward.
Bitcoin For Payment
Bitcoin is being used in US more in a form of trading. But as means of payment, it is less used due to the price volatility. But as we see that this is also not a problem because payment merchants have solved it. Coinbase and Bitpay have come up with a solution to convert bitcoin to money instantly. Thus the price volatility will not affect the sellers.
Jerry Brito, The director of Coin Center a cryptocurrency research company said he thinks this is a good initiative to use bitcoin to pay taxes.
Brito also stated that,
“This sends a message that bitcoin’s a technology that can be used by anybody—by bad guys but also by the government.”
This is not the first time we heard a state declaring to pay taxes using cryptocurrency. Because last time we had talked about how Florida is going to accept Taxes in Bitcoin and Bitcoin Cash Payments. And here the too the government has collaborated with BitPay.
Let’s see how this works after a few months when we get to know the results of using bitcoin to pay taxes.
Would you also want to pay tax using Cryptocurrency?. Comment below to let us know what you think of paying taxes using Bitcoin.