Good news for Ohio business owners who have cryptocurrency assets. If things go as planned, the state government is going to accept cryptocurrency as payment for taxes.
It may sound counterintuitive, given the fact that the cryptocurrency market has been on a downward spiral in recent weeks. However, Ohio has been on the move toward cryptocurrency adoption way before the current problems in the crypto sector. This is part of the state’s goal to become a haven for blockchain technology, as indicated in a bill signed in August of this year.
As Ohio Senator Matt Dolan commented, “In order for Ohio to compete for new investments and jobs, we must welcome innovation, new technology and advanced energy. Embracing blockchain technology is a step forward to achieve these goals.”
According to the website ohiocrypto.com, the system has the following features:
- Real-time tracking of payments through blockchain technology
- Security. “Cryptocurrencies cannot be transferred to third parties without user initiation, thereby practically eliminating fraud,” it says.
- Low fees.
- Transparency. “Anyone can view all transactions on the blockchain network,” it explains. This might swing both ways though, and it’s likely that some businesses don’t really want their tax payments, and the financials that can be deduced from them, to be laid out for competitors.
While this may not appeal to everyone, business owners active in the crypto space will certainly welcome the move, not to mention give the sector a boost.