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Monday, November 26, 2018

Ohio Becomes First State to Accept Cryptocurrency for Business Taxes

Posted By on Mon, Nov 26, 2018 at 9:21 AM

click to enlarge Blockland swag, courtesy of Hotcards. - SAM ALLARD / SCENE
  • Sam Allard / Scene
  • Blockland swag, courtesy of Hotcards.
In conjunction with this weekend's Blockland Solutions Conference, Ohio Treasurer Josh Mandel has announced that the state will now accept cryptocurrency for certain business taxes.

"We are proud to make Ohio the first state in the nation to accept tax payments via cryptocurrency," said Mandel, in a press release. "We're doing this to provide Ohioans more options and ease in paying their taxes and also to project Ohio's leadership in embracing blockchain technology."

(In keeping with American custom, "Ohioans" above refers only to Ohio businesses.)

To facilitate these payments, Mandel has launched Businesses can register there and pay their invoices with Bitcoin, which is currently the only accepted cryptocurrency. All payments will be processed by the third-party processor BitPay. A "minimal fee" will be charged to confirm the transactions. As with other payments made on blockchain systems, will offer real-time tracking and security via transparency. Anyone will be able to view the full list of transactions.

Mandel noted that the Treasurer's Office will at no time hold cryptocurrency itself. Per the release, payments made on will be immediately converted to U.S. dollars before being deposited in a state account.

The announcement comes days before the Blockland Solutions Conference, which, as part of Bernie Moreno's Blockland Initiative, aims to make Northeast Ohio a "significantly relevant" technological hub. 

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