November 25, the state of Ohio starts accepting Bitcoin as a tax payment. Originally it applies only to businesses willing to pay their taxes with Bitcoin, but eventually, this will be introduced to the broader society like individual taxpayers as well.
Starts already this week
As of now, businesses based in Ohio can start the registration to begin paying taxes with Bitcoin, the leading asset of cryptocurrencies. Crypto payments service provider BitPay will process these payments. BitPay has been operating in the Bitcoin payment area since 2011, and they already are cooperating with major players like Microsoft, Virgin, Shopify and possibly BMW.
Initiated by a pro-crypto state treasurer
The regulation initially came from Josh Mandel, who is a pro-crypto American Republican politician. He is a former city councilman and a member of the Ohio House of Representatives. He is confident that this move will continue to develop among other states, leading to a wider cryptocurrency adoption. Mandel stands optimistic on the issue of a national cryptocurrency.
Other states also apply for cryptocurrency adoption
Additionally, other states in the U.S. also have proposed on accepting cryptocurrencies for tax payments, but state legislators have delayed their final passing. Maybe the state of Georgia – the home of BitPay, will be the next one?
Photo by Benjamin Lehman from Pexels