Ohio Became The First State To Accept Taxes From Businesses In Bitcoin

Posted on: Dec-2018 | Other

For Long, there is been a lot of uncertainty in terms of legalities in the United States about the cryptocurrency, but Ohio took a step ahead. Recently, it has become the first state to accept Bitcoin to pay the taxes. As noted by the WSJ (Wall Street Journal), this benefit will be restricted to the businesses and is not going to directly participate in the Coffers of Ohio, in Bitpay, an Atlanta-based firm, that converts the digital money to the dollar. Though, it is still much more accessible for shops that deal in bitcoin and the one who prefer not to exchange the format just to cover the taxes on their sales.

The users will ultimately have the alternative of paying their individual taxes with the Bitcoin.

However, this is not going to take off the regulatory concerns of the people and authorities on the cryptocurrency, and it is more doubtful that a lot of businesses are looking forward to using it. It is precisely happening in Ohio now, as Josh Mandel, state Treasurer, says he can do this stuff without any assistance from the governor or the legislature. It might be a lot more difficult to implement this via a bill.

Still, it is a great and big move. As noted by Jerry Brito, Director, Coin Center, this can help a lot to put a halt on the stigma around Bitcoin and show that it is useful for a lot more other purposes similar to taxes.

New York and some other states are already involved and taking great steps to start using cryptocurrency, but it will certainly see a lot more to follow the plan, as Ohio’s efforts show great results.

When all these are happening around, Bitcoin is going through an astounding price shift phase, in which it has reached to price of $3,520 recently that has wiped out all the profits.