Earlier in the week, a report published in The Wall Street Journal revealed that The state of Ohio would start accepting Bitcoin for Ohio business tax payments, reportedly starting from this week.
As per reports, Ohio would be the first USA state to accept a cryptocurrency as the tax payment.
In a segment with OhioCrypto.com, Josh Mandel the Treasurer of Ohio said that despite Bitcoin struggling to get recognized as a widespread form of payment, it does possess several benefits for business tax payments such as being trackable, incurring low fees, transparent, being quick and easy as well as permitting taxes to be paid via mobile devices.
As per reports, Bitcoin can be used to pay as many as 23 taxes that includes withholdings taxes as well as sales tax.
The Ohio Treasury also revealed that it has already begun work for adding more accepted cryptocurrencies in the future.
According to the data published by OhioCrypto.com, it states that the payment option is in accordance with the initiative of integrating blockchain technology into parts of Ohio’s government.
The statement published by OhioCrypto.com reads as follows, “In order to provide Ohioans more options and ease while interfacing with state government, Treasurer Mandel firmly believes in leveraging cutting-edge technology. The Treasurer’s office is working quite diligently to help make Ohio a national leader in blockchain technology.”
Back in August, a press conference was held by Ohio Speaker Ryan Smith which was attended by business leaders, politicians as well as academics to blockchain’s potential in Ohio. At the time of the conference Smith stated, “Because this is so new and this is just beginning to take shape, we can position Ohio out front.”
Quite notably, in that very month of August, a law was passed by Ohio, wherein Blockchain data was officially recognized as a form of electronic record.