US Makes Possible To Pay Taxes With Bitcoin
Ohio became the first US state to allow accepting the cryptocurrency as a tax payment, the Wall Street Journal reports.
To date, only enterprises and companies have a possibility to pay taxes in bitcoins. Later the state is going to offer this payment method to individual taxpayers.
Josh Mandel, the state treasurer, has made this step towards bitcoin. He intends to help Ohio become one of the industry pioneers within the national crypto policy, and considers digital currency as a legal means of payment.
From the end of November 2018, enterprises can register to pay all taxes using the first cryptocurrency. Crypto payments will be processed via BitPay, an international bitcoin payment system. Recently, the service has begun to support Paxos Standard, a stablecoin pegged to the US dollar.
Mandel hopes that the Ohio authorities will continue to support his crypto initiative after he leaves his position, as well. To introduce the new payment method, the state did not need the permission from regulators, which is different from other states where such bills wait for the government approval for a long time.
In May 2018, Arizona authorities voted for a draft document that would allow state residents to pay taxes in cryptos, but the initiative had to be revised and its adoption was frozen.
Soon, the US may speed up the adoption of cryptocurrencies and blockchain technologies. Recently, five crypto enthusiasts have won elections for the posts of state governors.