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wilslaw

Ohio is now the first U.S. State to permit the payment of taxes in Bitcoin

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As this week begins, companies in the state will be able to pay various taxes with bitcoin: Taxes such as employee withholding tax, tobacco sales tax, public utilities tax e.t.c.

 

The filing process involves three procedures : first, businesses are required to register with the office of the Ohio Treasurer, through a dedicated portal known as Ohio Crypto.com. Secondly, tax details which includes tax period and payment amount will need to be filled, and finally, with the use of a "compatible" crypto wallet, the due amount is paid in bitcoin.

 

Breadwallet, Bitcoin Core Client, and Mycelium e.t.c. are examples of compatible wallets. Bitpay will process all tax payments, which will convert the bitcoin into dollars for the office of the treasurer.

 

In other states in the U.S, lawmakers have also thought of allowing crypto tax payments in the past. In March, Arizona and Illinois both weighed proposals to allow tax bills to be paid in bitcoin.
Unfortunately, the plan was cut off by Arizona's lawmakers two months later due to the fact that the proposal did not gain sufficient votes. 

 

Ohio has also been making efforts to bring other areas of blockchain technology into law. Over the summer data transacted and stored on a blockchain was legally recognized by the state, which implies that electronic signatures gotten via blockchain technology have similar legal standing as any other electronic signatures.
 

Edited by wilslaw

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