Bitcoin can be used to pay business tax in Ohio

Ohio becomes the first state to accept Bitcoin for tax payments.

@DeekeTweak
Published Sun, Nov 25 2018 9:31 PM CST   |   Updated Sat, Aug 8 2020 10:29 AM CDT

Cryptocurrency is widening its grasp across the world, especially with many retailers and businesses accepting it as a form of payment. But now Bitcoin can be used to pay taxes in Ohio.

Bitcoin can be used to pay business tax in Ohio | TweakTown.com

In a landmark move for the United States, Ohio becomes the first state to support Bitcoin for tax payments. Ohio-based businesses can now use Bitcoin to pay a wide variety of state corporate taxes including cigarette sales and employee withholding taxes reports The Wall Street Journal. Companies must register on OhioCrypto.com to use the digital currency for payments.

It's worth noting that businesses aren't technically using Bitcoin to pay taxes, at least not directly. The cryptocurrency is sent to BitPay, an Atlanta-based firm, who then exchanges the digital currency into legal tender and sends it to the state's treasury office. Ohio state Treasurer Josh Mandel says everyday residents could one day use Bitcoin to pay their personal taxes

NEWS SOURCE:wsj.com

Derek is absorbed with the intersection of technology and gaming, and is always looking forward to new advancements. With over six years in games journalism under his belt, Derek aims to further engage the gaming sector while taking a peek under the tech that powers it. He hopes to one day explore the stars in No Man's Sky with the magic of VR.

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