Two companies based in Ohio, United States, have officially paid their taxes using cryptocurrencies according to the State Treasurer Robert Sprague’s announcement on a forum that we are reading more into in today’s crypto news. Ohio is the first state to allow paying taxes with cryptocurrency since November 2018.
Sprague explained that the Treasury has collected only two tax payments in cryptocurrency but he didn’t say the amount of the paid taxes.
He made clear that the Ohio State Treasury doesn’t manage the cryptocurrencies themselves and they do not accept any other currency than the US dollar explaining that the crypto tax payments are conducted to a specialized crypto platform:
“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”
Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments.
Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption.
Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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