Ohio will let businesses pay their taxes with Bitcoin

Starting this week, Ohio companies will have a new way to pay their taxes: Bitcoin. The Wall Street Journal reports (via TechCrunch) that the state of Ohio has opened a cryptocurrency portal, ohiocrypto.com, which will allow businesses to pay with the digital currency.

the WSJ said that Ohio appears to be the first state to allow people to pay with cryptocurrency, and that the idea was born with state treasurer Josh Mandel. The site FAQ lists the state of innovation report and states that Bitcoin payment is instant, secure and transparent. It also lists 23 different taxes that businesses can pay with Bitcoin, from taxes on cigarettes and tobacco to fuel taxes and sales.

The website asks businesses to enter their state registration number and the amount of their payment and their tax period date. From there, they can use their wallet of cryptocurrency to pay their balance. The treasurer's office will then use BitPay to process the payment. The website indicates that Ohio-based businesses operating and paying taxes are eligible – they do not necessarily need a head office in that state. The site says that bitcoin is the only currency currently accepted, but is looking to add new options in the future.

Write for the WSJPaul Vigna notes that, although Ohio's initiative does not grant the legal status of the currency, "it would be a kind of tacit approval of which bitcoin has until then." here is lacking. " those who did not do it by their respective legislatures.