Ohio Will Start Accepting Bitcoin For Tax Payments, BTC Plunges Below $3,600

Ohio Will Start Accepting Bitcoin For Tax Payments, BTC Plunges Below $3,600

The American state of Ohio appears to be the first one where people can pay taxes in bitcoin. A recent Wall Street Journal report specifies, however, that from the outset only business will be able to do so.

Green Light For Businesses

According to WSJ report, Ohio is yet to become the first US state which accepts BTC as a tax payment. At first, this option will be available exclusively for businesses, but individuals might later also get such an opportunity. The move will start this week as firms and companies will get the right to register and pay all their taxes in the most valuable cyber-coin. 

As of writing, bitcoin is trading at $4,017 and is showing unsure traits of recovery with its nearly 5% of growth within the past 24 hours. Last week the coin dipped to lows unseen throughout a year with the lowest point $3,593 on November 25, as per coinmarketcap.com data. The main reasons for the correction media single out bitcoin Chas’s schism and increasing regulatory scrutiny. 

The situation might change with a wider adoption of bitcoin as in Ohio state. Ohio-headquartered businesses will reportedly have their tax-payments processed via BitPay, a virtual-money payments service. 

Why Ohio?

According to the report, the idea to let businesses pay taxes in bitcoin was initiated by Ohio’s Treasurer Josh Mandel. 

“I do see [BTC] as a legitimate form of currency,” told Mandel reporters. 

Interestingly, the Treasurer’s term ends in January, though he believes bitcoin initiative will proceed. He also told the reporters that because he is an elected state official, he does not need external approval for the move. 

At the same time, in the past year several bills in the US states suggested a similar idea but later it was postponed by state lawmakers. 

Image Source: Flickr

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