In what could be a further critical sign of crypto adoption in the U.S, businesses in Ohio will shortly be able to pay their taxes online using Bitcoin. The progression will be rolled out to personal taxpayers at some point in the future.
The Wall Street Journal reported on Sunday, starting this week, companies in the state will be able to pay a variety of taxes, from tobacco sales tax to employee withholding tax to public utility tax with Bitcoin.
Ohio leading the way to Adoption
State Treasurer Josh Mandel pioneered the idea in Ohio and starting this coming week the state’s companies will be able to make Bitcoin tax payments atOhioCrypto.com. The payments will be processed by U.S company BitPay who make the conversion to U.S dollars for the Ohio government.
The state official believes the initiative is an opportunity for “planting a flag” for Ohio in the much anticipated wider adoption of Bitcoin. He’s also responding to requests from companies locally for the service. Mandel told the WSJ, he sees Bitcoin as a “legitimate form of currency.”
Mandel’s term in office ends in January but he is confident he has left a cryptocurrency legacy for the state said:
I’m confident that this cryptocurrency initiative will continue.
Ohio is also leading the way in Blockchain education. Check cryptx.eu.com tomorrow to find out more about it.
Ohio to brand itself as the Blockchain hub of the US
Ohio has also been working to bring other aspects of blockchain technology into law. Over the summer, the state legally recognized data stored and transacted on a blockchain, meaning electronic signatures secured through blockchain technology have the same legal standing as any other electronic signatures.
In the same month, Ohio lawmakers also pitched their state as a future hub for blockchain, hoping to both attract companies in space and blockchain talent to the jurisdiction.
It is also leading the way in the Blockchain education sector.
Digital Currencies Revolution
Crypto adoption is increasing by the second. More and more people have started living their day to day life on Cryptocurrencies in many developed countries.
Still, Fiat currencies continue to be in demand. Even if someone sets up a business that accepts crypto, Trades bitcoin. But, when the tax season comes they have to convert their earnings to national fiat currencies in order to pay taxes. That increases a selling pressure on the market as more and more investors try to exit the market.
All the national currencies hence have guaranteed usage enforced by the government. This system is just based on trust. But, this is soon going to change. When the most fundamental process of taxation is implemented in the crypto space, things are going to be totally different. People will no longer need to transact into Fiat and the dependency on fiat will largely decrease. That’s the future envisioned bySatoshi Nakamoto and that’s the world we should all be living in.