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Two Companies Used Crypto to Pay Taxes in Ohio, Says State Treasurer

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Two companies within the United States state of Ohio have paid taxes with cryptocurrencies, state Treasurer Robert Sprague stated in a forum on Feb. 19. Ohio became the primary state to permit companies to pay taxes with cryptocurrencies like Bitcoin (BTC) in November 2018.

During a discussion board overlaying coverage problems dealing with the state, Sprague stated that the treasury has simplest amassed two receipts for tax bills the use of cryptocurrencies. He didn’t specify the particular quantity of tax payments won via cryptocurrency.

With that, Sprague emphasised that the Ohio state treasury does now not organize cryptocurrency themselves, clarifying that they don’t settle for some other foreign money than the U.S. dollar. The treasurer elaborated that crypto tax bills are carried out via a cryptocurrency platform which merely facilitates the change from crypto to fiat:

“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”  

Sprague stated that the treasury is reviewing how this system may well be expanded or curtailed, and is investigating the prospective counterparty dangers with the seller.

Ohio has been actively making an attempt to draw blockchain– and cryptocurrency-related companies to the state. When the state handed the regulation permitting industry to pay taxes in crypto, then state Treasurer Josh Mandel stated that the regulation “plants a flag” in Ohio in the case of nationwide cryptocurrency adoption.

On Feb. 21, the County Auditors’ Association of Ohio introduced the formation of a running team to discover some great benefits of blockchain in the case of real estate transactions and switch of land titles throughout more than one counties

In early December, Cointelegraph reported that Ohio-based finances plan on making an investment greater than $300 million in blockchain startups via 2021, specifically to startups creating blockchain packages for native industry, government, welfare initiatives, and others.

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