According to the Wall Street Journal, Ohio has become the very first state to accept bitcoin (BTC) as a payment method for taxes.
From now, anyone in Ohio can go to the website OhioCrypto.com and pay any taxes with BTC.
The WSJ article states that the idea itself came from state Treasurer Josh Mandel, who’s considered to be one of the bitcoin’s supporters.
Hoping that other U.S. states will follow the adoption, Mandel claims he “does see [bitcoin] as a legitimate form a currency.”
Though Ohio integrates crypto in its monetary system, it’s still unknown how long this will last. At the beginning of 2018, Arizona could be "in Ohio’s shoes" in the matter of paying taxes in crypto.
Previously, U.S. Senate Committee on Banking, Housing, and Urban Affairs was set to hold a hearing on the topic dubbed “Exploring the Cryptocurrency and Blockchain Ecosystem.”
Earlier, the revenue department of the Ministry of Finance of Thailand has revealed its plans to track taxes with the help f blockchain technology. Representatives of the department back then clarified that they were going to use machine learning algorithms to identify ways of tax evasion and to notify the officials about that.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.