Ohio State Treasurer - Two Businesses Paid Taxes In Cryptocurrencies.

Ohio State Treasurer - Two Businesses Paid Taxes In Cryptocurrencies.

2019-02-23 | Mike Hallen

Ohio State Treasurer - Two Businesses Paid Taxes In Cryptocurrencies.

Two businesses within Ohio in United States have paid taxes with cryptocurrencies, State treasurer named ‘Robert Sprague’ stated in an exceedingly 'forum' recently. Ohio is the first state to 'permit' businesses to pay taxes with cryptocurrencies like Bitcoin [BTC], earlier from Nov. last year.

During a forum covering policy issues facing the state, Sprague aforesaid that the treasury has solely collected 2 receipts for tax payments employing crypto’s. However, he didn't specified the actual amount of tax payments received via cryptocurrencies.

With that, Sprague emphasised that the Ohio state treasury doesn't manage cryptocurrency themselves, clarifying that they don’t accept any another currency rather than the U.S. dollar. The treasurer detailed that crypto tax payments are conducted via a cryptocurrency platform that merely facilitates the exchange from crypto to fiat:

“We will ne’er accept won or renminbi or francs or cryptocurrencies, or the any other currency. You've got to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re presently recognise. This platform simply permits for that exchange, primarily before that debt is settled to the state of Ohio.” 

Sprague aforesaid that the treasury is reviewing how the program may be expanded or curtailed, and is investigating the potential counter-party risks with the seller.

Ohio has been actively making an attempt to attract blockchain- and cryptocurrency-related businesses to the state. Once the state passed the law permitting business to pay taxes in 'crypto-currencies', then state treasurer ‘Josh Mandel’ aforesaid that the legislation “plants a flag” in [Ohio] in terms of national crypto-currency adoption.

Earlier in Feb., the County Auditors’ Association of Ohio proclaimed the formation of a working party to explore the advantages of 'blockchain' in terms of real-estate transactions and transfer of land titles across multiple counties.

Even earlier in Dec., Ohio-based funds 'planed' on investing quite more than $300 Mln in blockchain startups through 2021, particularly to startups developing blockchain applications for native business, government, welfare projects, along with others.

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