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Ohio Businesses Can File Taxes Using BTC, But Only 2 Have Done So

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February 22, 2019 11:50 PM

The treasurer’s administrative center is reviewing the initiative.

Back in November 2018, former Ohio Treasurer Josh Mandel announced an initiative for companies to make use of bitcoin to pay their state taxes. Since this system started overdue final yr, alternatively, handiest two transactions were authorized in the course of the state’s BitPay-based platform, in keeping with Treasurer Robert Sprague.

“We’re reviewing how [the program] may both be curtailed, the way it may well be expanded, and what our counterparty chance is with that supplier [BitPay],” Sprague famous.

Sprague additionally clarified that the Office of the Ohio Treasurer used to be no longer accepting cryptocurrency immediately. Through the platform, the fee processor BitPay would trade bitcoin for US greenbacks, which might then be transmitted to the treasurer’s administrative center.

Although the bitcoin tax platform has yielded lackluster effects so far, a number of Ohioans are hopeful about blockchain generation’s endured position within the state. For instance, an initiative referred to as Blockland Cleveland targets to turn into the Midwestern town right into a blockchain hub. The effort’s individuals are allotted all over the higher Cleveland space, from automotive broker Bernie Moreno (who has been a key cheerleader for Blockland) to Kirsten Ellenbogen, CEO of the Great Lakes Science Center. The motion is made from what Moreno calls nodes.

“We’ve created this motion like a blockchain,” Moreno informed ETHNews final fall. “Even regardless that I say I’m perhaps the cheerleader/relatively organizer, every node most often [runs] their very own issues but [is] extremely interconnected.”

Only time will inform if the bitcoin tax platform will likely be helpful for the state. In the period in-between, alternatively, there are different tasks like Blockland Cleveland that goal to make the Buckeye State a go-to vacation spot for blockchain-related innovation.

Dani is a full-time creator for ETHNews. He gained his bachelor’s stage in English writing from the University of Nevada, Reno, the place he additionally studied journalism and queer idea. In his loose time, he writes poetry, performs the piano, and fangirls over fictional characters. He lives together with his spouse, 3 canine, and two cats in the course of nowhere, Nevada.

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