The crypto markets have been going through a rough year with a year-long bear trend that is showing no sign of stopping anytime soon. The price and values of the major coins such as bitcoin, litecoin, and ethereum have all drastically decreased, leaving investors anxious about the future of digital currencies. However, this downward trend doesn’t seem to stop innovation in the space and crypto from becoming an integral part of the economic system of certain companies, industries, and even cities or states.
The American state of Ohio is introducing the ability for its companies to pay taxes with cryptocurrency, most importantly with bitcoin. A lot of different taxes are included in this new program, such as employee tax, public utilities tax, and more. In order to participate, companies have to first register on a website and declare the type of tax they are paying and the amount they wish to pay using virtual currency. To work properly, the company has to have a compatible crypto wallet to send the money to the OhioCrypto portal. Famous crypto wallet breadwallet is listed amongst the compatible wallets. Naturally, the digital currency received will then be converted to United States Dollars before being transferred to the government treasury. Popular fintech startup BitPay will be working in partnership with the Ohio government to process the bitcoin payments and transfer them over to the state’s finance department.
Ohio is not the first state that attempts to integrate the blockchain technology to its existing infrastructures and we can safely assume that it won’t be the last one either. More and more firms, cities, government entities, and lawmakers are seeing the benefits brought by the blockchain and want to take advantage of them. Will we see other states follow in the footsteps of the state of Ohio? Will other countries use bitcoin for legal purposes such as taxes?
TLDR: The American state of Ohio is now accepting cryptocurrency payments in bitcoin for companies and their taxes.