As Bitcoin heads down the slope, the State of Ohio has just made a move that actually champions the ailing coin. And it’s a vital time for such a move. Ohio has decided to accept Bitcoin for tax payments, becoming the first state to do so.
Not only is this move momentous in terms of institutional approval, but its timing is also impeccable—casting a silver lining to what has been a very dark cloud for Bitcoin.
Ohio Accepts Bitcoin in the Nick of Time
The initiative begins now. Ohio businesses can pay their taxes, which includes anything from tobacco to public utilities, on OhioCrypto.com. 23 different taxes can be paid for using the cryptocurrency. Some examples are Public Utilities Tax, Sales Tax, Seller’s Use Tax, and Severance Tax.
The aim of the new payment option is to simply make things easier for taxpayers. But will it also make Ohio a cryptocurrency magnate? Will this move spur on other crypto adoption schemes?