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Ohio to Become the First State to Collect Taxes in Bitcoin

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The U.S. state of Ohio is set to become the first state to collect taxes in Bitcoin as reported by WSJ(Wall Street Journal) on November 25.

WSJ reports that the current plan is to just include businesses in this scheme but later on it will extend to individuals too. From this week, Ohio based businesses will be able to pay off their taxes in BTC and other leading cryptocurrencies, and these payments will be done by crypto payment providers like Bitpay.
Bitpay will not let the Treasurer's office hold or use Bitcoin and will push for more transparency to reduce risk and fraud. The system will also let the user make fast and easy payments from anywhere, said Stephen Pair, Bitpay co-founder, and CEO.

"We're doing this to provide Ohioans more options and ease in paying their taxes and also to project Ohio's leadership in embracing blockchain technology," Josh Mandel said in a press release.

As WSJ reported, the move comes from state Treasurer Josh Mandel. He told the reporters that he is doing this to "plant a flag". He stated, "We are proud to make Ohio the first state in the nation to accept tax payments via cryptocurrency,"
"We're doing this to provide Ohioans more options and ease in paying their taxes and also to project Ohio's leadership in embracing blockchain technology," Josh Mandel said in a press release.

With his term ending in January 2019, the Ohio state Treasurer seems confident that this trend will continue even after him. WSJ also reported that he said that he will be able to decide that his office will accept digital currency "without approval from the legislature or governor".
Companies that are interested in paying their taxes with this new method will have to register themselves with the state Treasurer's office through Ohiocrypto.com.
For now, payments can only be done with BTC, but the state of Ohio will include more cryptocurrencies later on. Taxpayers can still use the traditional methods of cash, cheque, money orders and debit cards to pay their taxes.

"BitPay sets the exchange rate for a 15 minute allotted time window for each transaction once a business taxpayer begins to make their payment at OhioCrypto.com, BitPay assumes the risk of any market fluctuations during the allotted time window," OhioCrypto.com stated.

"BitPay sets the exchange rate for a 15 minute allotted time window for each transaction once a business taxpayer begins to make their payment at OhioCrypto.com, BitPay assumes the risk of any market fluctuations during the allotted time window," OhioCrypto.com stated.

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