COLUMBUS — For the first time in America, a state is letting businesses use blockchain technology to pay taxes with cryptocurrency.
With the launch of OhioCrypto.com, Ohio Treasurer Josh Mandel is making Ohio the first state in the nation, and one of the first governments in the world, to accept tax payments via cryptocurrency.
Payments on the blockchain offer real-time tracking, and cryptocurrencies cannot be transferred to third parties without user initiation. A minimal fee is charged to confirm the transactions and anyone can view all transactions on the blockchain network.
Bitcoin is the only cryptocurrency currently eligible for payment at OhioCrypto.com, although other cryptocurrencies could be added in the future.
Taxes eligible for payment on OhioCrypto.com include 23 different taxes. At no time will the Treasurer’s office hold cryptocurrency. Payments made on OhioCrypto.com are immediately converted to USD before being deposited into a state account.
The Treasurer’s office has partnered with BitPay as a third party cryptocurrency global payment processor.
For more information visit www.OhioCrypto.com.
