Businesses in Ohio are now able to pay their taxes in Bitcoin — making it the first US state to officially accept cryptocurrency.
Companies that want to take part in the new program visit an official website and register to pay anything from cigarette sales taxes to employee withholding taxes with the virtual currency of their choice.
Ohio state treasurer Josh Mandel stated that this is part of the state’s wider ambition to become more tech industry friendly. Recent moves towards this include Cleveland attempting to rebrand as ‘Blockland’ and Columbus being home to one of the largest venture capital funds in the Midwest, Drive Capital.
The state is working with the cryptocurrency payment startup BitPay, which will convert the Bitcoin to dollars.
Other parts of the US have also considered accepting crypto for taxes, but initiatives in the likes of Arizona, Georgia and Illinois did not get past state legislatures.
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