Starting today (26th November), businesses in Ohio will be able to pay their taxes using Bitcoin — making the state the first in the nation to accept cryptocurrency officially.
Companies who want to take part in the program simply need to go to OhioCrypto.com and register to pay taxes in crypto. It could be anything from cigarette sales taxes to employee withholding taxes, according to a report in The Wall Street Journal, which first noted the initiative.
The brain child of current Ohio state treasurer, Josh Mandel, the Bitcoin program is intended to be a signal of the state’s broader ambitions to remake itself in a more tech-friendly image.
Already, Ohio has something of a technology hub forming in Columbus, Ohio, home to one of the largest venture capital funds in the midwest, Drive Capital. And Cleveland (the city once called “the mistake on the lake”) is trying to remake itself in cryptocurrency’s image with a new drive to rebrand the city as “Blockland”.
Other states around the country in the southeast, southwest and midwest also considered accepting bitcoin for taxes, but those initiatives in places like Arizona, Georgia, and Illinois never got past state legislatures.
The state is working with the cryptocurrency payment startup BitPay to handle its payments, which will convert the bitcoin to dollars.