Bitcoin, the world’s largest cryptocurrency by market volume is about to achieve another great feat as a report from WSJ has emerged that, starting from Monday next week, Companies in Ohio would be allowed to pay their taxes in BTC.
This is a big news for the crypto industry because Ohio will reportedly become the first State in the US to accept this controversial currency as an official method for tax payment.
For business owners to pay their tax using the cryptocurrency, they are expected to visit OhioCrypto.com, a website designed for the process. According to the report, taxpayers are to register on the platform and pay whatever tax they wish to pay.
Ohio is known to be a tech-friendly region and will only increase this reputation according to State treasurer, Josh Mandel who is in support of the new payment option.
The State also has plans to make the option available for individual taxpayers in the future and have partnered with the tech startup, BitPay to collect and process the BTC tax payments. The payments will be converted to fiat for the tax agency.
Would you be happy if you could pay taxes in Bitcoin?
Fighting The Bears With Mainstream Adoption
This news could not have come at a better time other than now when Bitcoin and the rest of the crypto markets are seeing losses. Earlier today, the major cryptocurrency slumped to below $4000 for the first time in 2018 and any expected come back may not be too imminent.
Mainstream adoption and use cases just like this in Ohio, however, is what many enthusiasts are counting on to revitalize the markets. More people have heard about Bitcoin with the latest announcement, and there is a big chance that if the move yields good result in Ohio, then, other U.S States may have no other option than to allow residents to pay taxes with Bitcoin.