Starting this week on Monday, many businesses located in Ohio can now pay their taxes via bitcoin. This has made the U.S. state exceptionally high in the round as well as in the middle on both ends and eventually became the first place when cryptocurrency is finally accepted.
Companies who are willing to take an active part in the program have to visit OhioCrypto.com and then they have to register for paying in cryptocurrency, whatever the corporate elements of the companies desire the taxes. The taxes can be anything starting from the sales taxes of cigarette to the taxes that the employees are withholding, as reported in The Wall Street Journal.
This is the brainchild of Josh Mandel, the current state treasurer in the Ohio state. The program based on the world’s top-notch Cryptocurrency, Bitcoin for signalling the broader ambition of the state and then remake the cryptocurrency in a much more tech-friendly way.
Ohio possesses a sort of a technology hub which formed in Columbus. Columbus, on the other hand, is home to the largest venture capital in the heart of the Midwest, Drive Capital. The mistake on the lake is also known as the city of Cleveland is still trying to rejuvenate and make itself in the image of cryptocurrency and later make it a new drive and then rebrand itself as the Blockland.
It is still debatable as to if corporations, as well as individuals, will take advantage of Ohio’s newest venture in embracing cryptocurrencies. As of now, the cryptocurrency market is currently getting plumped.
Many other states across the United States are taking bitcoin as taxes, but the initiatives in places such as Georgia, Arizona and Illinois didn’t past the legislation of the states. Ohio is currently working with a startup called BitPay for handling the payments which are meant for converting the cryptocurrency Bitcoin into dollars.