Bitcoin has had a rough couple of weeks as its value continues to nosedive. However, support for the virtual currency continues to grow. Ohio has become the first state to allow businesses to pay their taxes with Bitcoin. It has opened a new cryptocurrency portal for this purpose. The Wall Street Journal reports that Ohio seems to be the first state to allow businesses to pay their taxes with a cryptocurrency. The idea apparently came from State Treasurer Josh Mandel.
The ohiocrypto.com portal will be used by businesses looking to make their tax payments with Bitcoin. The portal’s FAQ section mentions that state’s penchant for innovation and mentions that paying with Bitcoin is secure, transparent, and instantaneous.
There are 23 different taxes that businesses can pay with Bitcoin, including fuel and sales taxes. They will be required to enter their state registration number, tax payment amount, and tax period date. It will then be possible to use a cryptocurrency wallet to pay the amount. BitPay will be used by the state Treasurer’s office to process the payment.
Businesses that are operating and paying taxes in Ohio can use this portal even if they are headquartered out of the state. Bitcoin is the only cryptocurrency that’s accepted but it’s possible that additional options may be offered down the line.
Filed in . Read more about Bitcoin and Cryptocurrencies. Source: wsj