Ohio Is Set to Be the First US State to Accept Bitcoin for Taxes, According to WSJ Report

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The Wall Street Journal reports that, next week, Ohio’s Treasurer, Josh Mandel, a cryptocurrency advocate, will accept tax payments from businesses in digital currency, and that this option eventually will be extended to individuals. Mandel says he is empowered to make this decision decide “without approval from the legislature or governor,” because he is an elected official. His term, however, ends in January. -GEG

The U.S. state of Ohio is poised to become the first state to accept Bitcoin (BTC) as tax payment, the Wall Street Journal (WSJ) reports today, Nov. 25.

As the WSJ writes, the move initially applies only to businesses, with plans to extend the offering to individual taxpayers in future. Starting this week, Ohio-based businesses will be able register to pay all of their taxes in the leading cryptocurrency. The payments are reportedly set to be processed via crypto payments service BitPay.

As the WSJ reports, the crypto-friendly move was initiated by state Treasurer Josh Mandel, who told reporters he is looking to “plan[t] a flag” for Ohio in terms of national cryptocurrency adoption:

“I do see [bitcoin] as a legitimate form of currency.”

Mandel also told the publication that he is “confident that this cryptocurrency initiative will continue” after his term ends this January. As an elected state official, Mandel told journalists that he is able to decide that his office will accept the digital currency “without approval from the legislature or governor,” the WSJ reports.

In contrast, several bills in other U.S. states in the past year that propose accepting crypto for taxes have been initiated, but state lawmakers have delayed their final passing.

Read full article here…

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