Ohio is in the daily cryptocurrency news this week, after becoming the first state within the US to officially accept tax payments in Bitcoin. As one report published on Wall Street Journal outlined, the state officially launched OhioCrypto.com – the website that lets users register and pay all of their corporate taxes to the government in Bitcoin (BTC).
In order to do this, the state government of Ohio has partnered with the crypto payment processor BitPay with which it will handle the payment in crypto and the conversion to dollars for the tax office.
First born by the current state treasurer Josh Mandel, this idea is definitely aligned with making cryptocurrency official – and a great way to rebrand the Buckeye State with forward-thinking tech ideas. So far, Bitcoin has been used for speculative purposes in most cases in the US and it hasn’t picked up as a means of payment for goods and services for several reasons.
One of these reasons is the massive price volatility which makes merchant nervous about it. However, Mandel is confident that the flagship cryptocurrency can be used as a “legitimate form of currency.”
While this move will definitely not affect the free fall of cryptocurrencies, it is still a small win for Bitcoin and one form of government approval which was lacking in the United States.
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