CyberMonday of 26th of November 2018 sees Ohio as the first state of The USA to accept BTC as a mean to pay taxes.
Twenty-three types of taxes can now be paid through BitPay, as described on Ohio Treasurer’s website. Including sales tax, tobacco tax, utility tax, fuel tax, and employee withholdings.
Companies that wish to adhere to the initiative will have to register their Tax Account Number at “ohiocrypto.com.”
Josh Mandel, treasurer of Ohio, declared:
“Cryptocurrencies cannot be transferred to third parties without user initiation, thereby practically eliminating fraud; Anyone can view all transactions on the blockchain network; Payments on the blockchain can be tracked on a second-by-second basis; a minimal fee is charged to confirm transactions on the blockchain network.”
Furthermore, the state will also add other types of cryptocurrencies. And although Mr. Josh Mandel doesn’t consider Bitcoin as a “legitimate form of currency,” the blockchain system seems to have convinced him:
“[we are] working to help make Ohio a national leader in blockchain technology.”
Ohio is paving the way to innovation, but soon other states will follow as well.