Ohio to Allow Taxes to be Paid in Bitcoin
November 26 2018 - 1:03PM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
November 26, 2018 -- ADVFN Crypto NewsWire -- Yesterday, The Wall
Street Journal announced that the state of Ohio had decided to
allow tax payments to be made in Bitcoin. As is typical with any
announcement that is gradually filtered through the media, however,
the specifics of this quickly became distorted.
Last night, Crypto Twitter became
awash with re-tweets of the announcement that seemed to claim that
it applied to consumers and businesses alike. Because of this, a
bit of clarification on the subject is in order.
To begin, while this new capability
for taxpayers is a positive step towards showing the wider world
the legitimacy of cryptocurrencies, it is essential to note that
consumers are not included in this at all.
According to both Coindesk and the
original source, Ohio made this decision in connection with the
company Bitpay to help businesses who are already accepting Bitcoin
from customers. Due to this Ohio based businesses will be able to
send Bitcoin through Bitpay’s payment portal, to the government,
using a very simple three-step process.
If you are wondering what exact
taxes this includes, Coindesk lists the tobacco sales tax, the
employee withholding tax, and public utilities taxes as being
applicable here. Beyond these examples, if you’re interested in
knowing more about all of this, take a look at the Ohio Crypto
website which will serve as the main informational portal as this
new law goes into effect.
Keep in mind, however that overall,
this effort is truly in its early stages. Furthermore, the Ohio
Crypto website appears to be unavailable for IP addresses that are
located outside of the United States.
By: BGN Editorial Staff
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