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Ohio to accept bitcoin for business tax payments

Published: November 27, 2018

CybersecurityGeneral Government ServicesInformation TechnologyInformation TechnologyInnovationOHIOPublic FinanceTREASURER, OHIO STATE (OHIO)

Ohio will become the first state to accept tax payments made using bitcoin.

The Ohio State Treasurer’s Office announced the creation of OhioCrypto.com, which provides an online portal through which businesses can pay their state taxes using bitcoin. The idea here is to provide Ohioans more options and ease in paying taxes, as well as projecting the state’s leadership in embracing and promoting blockchain technology.

Businesses interested in paying their taxes in bitcoin must register with BitPay, an online payment processor that specializes in cryptocurrency transactions. This utilization of blockchain technology will reduce risk and identity fraud, while also enabling quick and easy payments. Bitcoin will be accepted for 23 types of businesses taxes, including sales, withholding, public utilities, and motor vehicle sales, but there are no current plans to extend this to individual taxpayers.

Source: StateScoop