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While the value of Bitcoin continues to fall, Ohio has taken the step in its adoption as a means of payment of taxes and becomes the first US state to accept this cryptocurrency.
As of this week, many state-owned enterprises will be able to make tax-deferred payments on various sales, as well as employee deduction deductions and utility taxes with Bitcoin.
We are proud to make Ohio the first state in the country to accept tax payments via cryptocurrency, said Ohio Treasurer Josh Mandel in a news release. We are doing it to give more options to the people of Ohio and to facilitate the payment of their taxes, but also to project Ohio's leadership in adopting blockchain technology
Businesses intending to use the new system will need to register with the state treasury office via OhioCrypto.com, a portal that will take each payment and convert the virtual cryptocurrency into dollars before being deposited into an account. 'tat, said the press release.
The state will use BitPay, a global crypto-currency payment system, to carry out this process.
BitPay will prevent the treasury office from retaining or using Bitcoins, and will allow blockchain technology to create more transparency in transactions.
The system will reduce the risk of fraud and fraud by identifying it, and enable payments to be made quickly anywhere, "said Stephen Pair, co-founder and CEO of BitPay.
Any business operating in Ohio – even if it is not based – will be able to use the portal to pay up to 23 taxes, including those on cigarettes and tobacco products.
In 2014, the state launched OhioCheckbook.com to share information on expenses. In the new portal, all the members of the network of blocks of chains will be able to visualize all the carried out transactions, indicates the press release.
For the time being, taxpayers will only be able to use bitcoin, but the Treasury has said it could allow other cryptocurrencies later. He will always accept checks, money orders, credit cards and debit cards.
The price of bitcoin fell below $ 4,000 on Sunday. The state has the volatility of the cryptocurrency on the new portal.
BitPay sets the exchange rate for a time window to allow 15 minutes for each transaction as soon as a taxpayer starts making payment on OhioCrypto.com, the site says. BitPay assumes the risk of any fluctuation of the market during the given period of time.
Another victory for BitPay
At the state level in the United States it is a first. However, BitPay has already had to work with a more restricted territoriality. In May, Seminole County Tax Collector Joel Greenberg said his office will now accept Bitcoin as a payment method for new identity cards, license plates and property taxes. next month.
According to him, accepting Bitcoin as a means of payment will promote transparency and accuracy of payments.
We live in a world where technology is creating access to on-demand services … and we should expect the same from our government, "he said in a statement. The purpose of my mandate is to make our customer experience faster, smarter and more efficient, and bring government services from the 18th century to the 21st century, and one of the ways to do this is to add crypto- currencies our payment options.
There is no risk to the taxpayer, said Greenberg, whose decisions since his election in 2016, have sometimes thundered. For example, last year, Greenberg started selling four branches of the collection office for $ 13.2 million and then used the money to buy shopping malls in troubled areas.
The idea was to rent out most of the space to tenants and use the remaining space for driver's license operations for residents of Orange and Seminole Counties.
Nonetheless, the revenue department, which oversees the Greenberg budget, felt that this risk-taking was unrelated to the function of a tax collection office.
Blockchain technology is the future of the entire financial industry, he said.
BitPay, with whom he reached an agreement, proposed the same consensus to reduce the volatility of the transaction; it guarantees a price for bitcoin for 15 minutes after the generation of an invoice.
The county tax office will not face any volatility risk, "said Jeremie Beaudry, Compliance Manager at BitPay.
Source: AT
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