Ohio has a good news for the crypto enthusiasts since it would now be accepting Bitcoin as a method for tax payments. This can prove a crucial moment for cryptocurrencies considering that the past few weeks have been nothing short of an apocalypse for the crypto market as a whole. Furthermore, this may attract more institutions to accept the cryptocurrencies.
Since the crash of cryptocurrencies, things have been going downhill for crypto businesses across the globe. But, Ohio has already prepared for the adoption of Bitcoin and now more than 20 types of taxes can be paid using the website OhioCrypto.com. These taxes range from public utility tax all the way to Sales and Severance tax.
Although the move aims in making it easier for people to pay taxes it may prove helpful in attracting crypto related businesses to extend or shift altogether to Ohio. State officials believe that this ‘initiative will be carried forward by other institutions.
The system is only available to businesses at the moment, but it may be extended towards individuals based on its performance.
This may be a turning point for many government bodies that have been reluctant to accept cryptocurrencies. Furthermore, Florida said that it would accept some cryptocurrencies for tax payments. However, there haven’t been any cases of its integration and months have passed since the announcement was made.
Whether the move will help in further adoption of cryptos remains to be seen, though the cryptos are certainly to gain from this move.