First state in US To Accept Cryptos For Payments
Beginning today (26 November 2018), companies in Ohio will be able to pay their Bitcoin charges –making the US state the initial province to formally start accepting cryptocurrency.
Companies that want to take part in the program just have to visit OhioCrypto.com and enroll to pay the desired taxes in crypto. According to a report in The Wall Street Journal, which to begin with noted the activity, it can be anything from cigarette sales charges to worker withholding taxes.
The brain child of the current treasurer of the state of Ohio,Josh Mandel, the Bitcoin program is considered to be a hint of the broader aspirations of the state to stay more tech-friendly.
Ohio as of now encompasses a innovation center in Columbus, Ohio, where one of the greatest venture capital reserves within the Midwest, Drive Capital, is based. And Cleveland (the town once called “the mistake on the lake”) tries to reestablish itself to the picture of the cryptocurrency with the latest effort to rebrand the town as “Blockland.”
It is questionable whether anybody is planning to take advantage of Ohio’s new decision to accept digital currencies. The crypto market is presently in the shape of free fall, as a rule, reserved for tulips in Holand in February 1637. Other states within the south – east, south – west and mid – west of the nation are also considered accepting Bitcoin for taxes, but activities in places such as Arizona, Georgia and Illinois have never passed state legislations.
The state is working with the cryptocurrency payment startup BitPay to handle its payments, which is able convert the bitcoin to dollars.