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Ohio Is About To Start Letting Businesses Pay Taxes With Bitcoin

Ohio businesses are in for some big changes this week — they will now be allowed to pay taxes with Bitcoin. The state launched as a portal for businesses in the state to pay a range of 23 taxes which include cigarette, sales, and commercial activity taxes. Ohio’s Treasury office will use the third-party processor, Bitpay, to process the Bitcoin payments, which are converted into U.S. dollars and deposited into a state account. Ohio’s move is the first in the nation, while Georgia, Illinois, and Arizona have similar programs in the works. “It’s a very interesting move,” said Phillip Dancy, a New York-based investment banker. “It’s still surprising because Bitcoin could and probably will take another hit.” Bitpay assumes all of the risks in Bitcoin pricing, according to the OhioCrypto website. Bitcoin users also pay taxes on the cryptocurrency because it is considered a commodity in the U.S. “I think this is a brilliant decision and natural progression for bitcoin users...

Nov 26, 2018