If you’re into tech, you’d probably heard into cryptos too. Cryptocurrencies, which are a byproduct of Blockchain tech are the latest things talked in the town.
And the very latest is, US state Ohio announced that it will be accepting bitcoin as a tax-payment method from businesses starting this week. While adoption by the community is good adoption by Government is great. Which in present only Bitcoin seems to achieve that greatness. But Ohio government is planning to add more Cryptocurrencies to its tax-payment list soon.
Ohio To Accept Bitcoin As a Tax-Paying Currency!
Speaking up, Treasurer of state Ohio, Josh Mandel said “I do see Bitcoin as a legitimate form of currency” and hoped that other states too might follow this policy.
Previously, such tax payment policy by Bitcoin Bill is proposed by states Arizona, Illinois, and Georgia haven’t been passed but delayed. But Ohio had done through these and well backed by the Treasurer even though his term is about to end very soon.
They said businesses of all kinds shall register in OhioCrypto.com and pay their taxable balance through their Bitcoin wallets. It will be processed by Crypto entity Bitpay and shall convert them into dollars for the government, taking the risk of volatility in between.
The government said that this crypto form of tax-paying service would soon be given to residents too. By all such policies, Ohio wants to make itself a mark of believing the new technology and paving a path for others to follow.
Bitcoin and other cryptos are in free fall this year and Bitcoin being back to below $4000 in latest hours. So this policy is really a notable moment to see that cryptos are really an applicable or erodible currency of the future.
Be it volatility, uses, prices, adoption, Cryptos have been a wondering topic every time. What are your thoughts on the new regulation? Let us know in the comments below.