Business Finance General News

Ohio to soon accept cryptocurrency Bitcoin for tax payment by business owners

In a positive digital move, Ohio will be the very first state to accept Bitcoin as a payment option for the Ohio Business Tax. This move to start as the week begins is the first for the country as reported by The Wall Street Journal.

Up until now, Bitcoin has been struggling with ups and downs in the market to become one among the widely used payment forms. On the website OhioCrypto.com, Josh Mandel, the Ohio Treasurer stated that Bitcoin as a payment option for business tax comes with several benefits. Mandel also stated that this payment option is rather easy and quick with a secure, trackable, and transparent process. It also allows paying up taxes with mobile devices while incurring low fees.

There are about 23 taxes to be paid via Bitcoin which includes withholding taxes and sales tax. To go through a complete list of the eligible taxes, one can check through the FAQ page at OhioCrypto.com. The businesses in Ohio can pay up the taxes via this website. As for now, Ohio Treasury has been looking for more cryptocurrencies that can allow payment of taxes in future.

According to OhioCrypto.com, this payment option comes as a part of the initiative that integrates blockchain technology with the government of Ohio.