First in the USA to Do - An American State is to Accept Bitcoin for 23 Different Tax Payments

Source - Bigstock

Most stories to try and do with cryptocurrency and government that comes out of the USA don’t tend to be positive ones. That they have a tendency to zero in on some quite regulation, or that government authority body is concerned in some quite restriction.

However, the state of Ohio is heading off in a different direction.

As of today, it’s been revealed that Ohio is to become the first state in the USA to accept cryptocurrency to pay taxes. In fact, 23 different business taxes can now be paid via crypto, and it’ll be doing so via the service Bitpay.

Read More:  Federal Tax Rules for us Citizens Living Abroad

The news was confirmed over at the Ohio Treasurer’s website (although at the time of writing, that website – www.ohiocrypto.com – was timing out).

At first, payments will be accepted via Bitcoin. However, the plan is to extend this service to accommodate more cryptocurrencies in the future. On top of that, the state is “working to help make Ohio a national in blockchain technology”.

This announcement comes in the midst of difficult times for cryptocurrencies, that have seen their value significantly fall after nearly two weeks of heavy losses. Whether other states follow the lead taken by Ohio remains to be seen, but there’s little sign at the moment of them doing so. Nonetheless, it’s a bold step forward, and welcome good news at a time when Bitcoin – and the broader cryptocurrency sector – could really use some.

Resource: Cryptonewsreview