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Ohio Embraces Cryptocurrency, Allows Tax Payments

December 3, 2018

Josh Mandel, Ohio State Treasurer reiterated his government’s honeymoon with the new age transactional assets – cryptocurrencies, by stating on Thursday that Ohio will now accept tax payments by citizens in cryptocurrencies.

Mandel stated that Ohio’s commitment to the adoption of these virtual currencies was two-fold.

Innovation and Convenience

Mandel showcased his state’s move towards the revolutionary new technology saying:

“We’re proud to do our small part and take this small step to make Ohio the first state in America to enable taxpayers to be able to pay via cryptocurrency. We’re doing this for two main reasons: First, to give more options and ease to taxpayers in how they pay their taxes.”

Apart from the obvious first reasons, Mandel reiterated that Ohio believed in:

“embracing cryptocurrency, embracing blockchain technology, and send the message to the rest of the country.”

The purpose of this top-level positioning of the state as a first adopter is to attract the best in the industry from those running and developing the technology such as  software developers, to the innumerable traders as well as entrepreneurs who want to venture and explore further the curious use of encrypted virtual assets on a secured decentralized network.

By adopting the new commercial policy towards blockchain, the focus is on building a strong network of small as well as medium-sized businesses which will deploy the network. However, to criticism that transaction fees for cryptocurrency use are substantially high, Mandel reiterated that taxpayers need to pay as much as 2.5% as commission when using any type of payment card.  According to London-based evaluators, Bitcoin transactions on the older technology platforms is priced $1.25. Additionally, there is a network fee, a fee separately charging Ohio in terms of processing payment to the tune off BitPay at 1%.

Additionally, bitcoin fees do not work on the basis of the amount of money in the transaction but are based on the actual “amount of space” which is used by the blockchain in terms of consumption. The wallets which are in use are the Mycellium which makes it easier for the user to further minimize the fees.

Ohio is currently under tremendous pressure of many of its businesses closing down. The most high profile such shutdowns was that of General Motor recently and has allegedly impacted the economic situation of the state. A positive side of the current movement towards cryptocurrency is viewed by economic analysts as a new phase of evolutionary development. Since, the closure of one of the oldest industries, the automotive industries bell weather organization, GM Motors’ closure has actually led to the state government making a sudden and unexpected lunge to welcome an unexplored, fledging new industry – cryptocurrency based blockchain industry.

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