Ohio will become the first state in the US to officially accept tax payments in bitcoin, according to a Wall Street Journal report. Beginning this week, businesses who plan to make settlements for their taxes with bitcoin can visit OhioCrypto.com and register to pay all their corporate taxes to the government in BTC. The state government has partnered with crypto payment processor BitPay to handle the payment in crypto and conversion to dollars for the tax office.
The idea was birthed by the current state treasurer, Josh Mandel, who sees accepting cryptocurrency as a great way to rebrand the Buckeye State by enabling forward-thinking tech ideas. Bitcoin has been used for speculative purposes in most cases in the US, as it hasn’t picked up as a means of payment for goods and services for several reasons. One key reason for this is the massive price volatility, which makes many merchants nervous to accept it — even though this is generally not something that they should worry about when using a payment processor such as BitPay or Coinbase.