State of Ohio Uses BitPay to Accept Corporate Tax Payment

November 26, 2018 / by Angel Reyes

Beginning this week, corporations in Ohio will be able to pay their taxes with cryptocurrency as the Buckeye State becomes the first to accept tax payments in Bitcoin. Partnering with the global payment service provider, BitPay, the state government will be converting crypto payments directly into dollars upon receiving them.

Businesses may visit OhioCrypto.com to register and take part in paying corporate taxes to their state government in Bitcoin. They must then enter tax details and information about their payment method, chosing Bitcoin. After all records are added, a compatible crypto wallet can be used to send payment to the processor. Wallets must be equipped with Bitcoin Payment Protocol, as is standard for BitPay transactions.

Although Bitcoin has been the victim of misunderstanding for tax purposes for individuals, Ohio state treasurer, Josh Mandel engineered this plan. He wishes to promote a tech-savvy image for the rapidly growing state.

Mandel has had his eye on Bitcoin since his term began in 2011 — looking to bring about the acceptance of cryptocurrency. He aims to bring bitcoin away from the purely speculative interest and promote it as a means of transaction for goods and services.

Many other states such as Arizona, Georgia, and Illinois have considered Bitcoin for tax payments, but often legislation meets strong resistance.

Ohio has been at the forefront of adoption with the Columbus Museum, Great Lakes Science Center, announcing its acceptance of crypto earlier this month. They will be hosting the Blockland Conference in a few weeks at the museum — hoping to further blockchain technologies in the region.

Crypto.IQ has reported on Colorado electing a blockchain friendly governor petitioning for crypto favorable tax laws.

Colorado and Ohio are both exemplifying the positive direction and innovation for crypto legislation, even in a bear market. Legislative cooperation and promotion will usher in new users and innovators for crypto.