The state of Ohio is reportedly set to become the first in the United States to start accepting bitcoin payments for tax bills, in what appears to be a move to support the flagship cryptocurrency as a payment method.
According to a report published by The Wall Street Journal, local businesses will have to register on the OhioCrypto.com website to be able to pay taxes with BTC. After registering, they’ll be able to pay their taxes in crypto, including sales and employee withholding taxes.
The move first came from state Treasurer Josh Mandel, who has been in the office since 2011 and reportedly gained an interest in cryptocurrencies “several years ago.” Mandel, according to the WSJ, believes the program will help Ohio stand out in crypto adoption. He was quoted as saying:
“I do see bitcoin as a legitimate form of currency”.
The report notes that the move won’t make bitcoin a legal currency in the state, but will, according to Coin Center director Jerry Brito, “help send a message that bitcoin’s a technology that can be used by anybody—by bad guys but also by the government.”
Tax bills paid for in bitcoin will see the money go to Atlanta-based cryptocurrency payments processor BitPay, which will convert the cryptocurrency to USD. While it isn’t clear how many businesses will be paying their taxes with BTC, Mandel noted some companies have asked to do so.