Crypto pioneers: Ohio will pay taxes in Bitcoin
Farshad Asl, the founder of Top Leaders Inc, once said: “Don’t be a prisoner of the past, become a pioneer of the future.” When it comes to decentralized solutions and P2P cash, that idea really works!
According to one of the most recent Wall Street Journal reports, Ohio is about to become the first American state accepting tax payments in Bitcoin. The project known as OhioCrypto managed by Josh Mandel, Ohio Treasurer, allows taxpayers to pay their state business taxes with cryptocurrency. In fact, the Buckeye State has become the world’s first government accepting crypto coins. What does it mean for mom-and-pop-coffee-shops and other businesses within the state? Hope, the answer is clear: no more fee overpayments!
To become legitimate crypto taxpayers, Ohioans should follow three easy steps:
- Register online at OhioCrypto.com;
- Enter tax payment information including the payment amount and tax period date;
- Pay with cryptocurrency via third-party payment processor.
The Seminole got a jump on Ohioans
Earlier this year, Joel M. Greenberg, the tax collector of the Seminole County, Florida, announced accepting payments in Bitcoin (BTC) and Bitcoin Cash (BCH). The idea was to allow people to pay with crypto coins for various services. By design, that will increase payment accuracy/efficiency, slash heavy fees, eliminate risks related to card payments including identity theft and fraud. Using a third-party service, the Seminole County wants to receive payments from people directly to its bank account in US dollars. What a perfectly legitimate and understandable desire, indeed!
As you can see, crypto payments have any chance to become commonplace. That’s brightening up, isn’t it? Another pleasant thing is that governments are progressively taking advantage of decentralized technologies. As a result, we can enter an era of fair-as-possible payments. Well, fingers crossed.
Subscribe to newsletter
March 11, 2019
February 27, 2019
February 21, 2019