In life, you cannot avoid three things: change, death, and taxes. And if you are a crypto investor, you know for sure that there are taxes associated with the cryptocurrency business. For people that live in Ohio, the good news is that they can now be able to pay their taxes in cryptocurrency.
According to a post written by Kelly Philips Erb, a senior contributor at Forbes, Ohio is the first country in the United States to create a platform that will allow people to pay tax in cryptocurrency.
By now, most taxpayers understand that there are tax consequences associated with cryptocurrency, but ironically, until recently you couldn’t pay those taxes using cryptocurrency. That’s about to change: With the launch of OhioCrypto.com, Ohio will become the first state in the nation to accept tax payments using cryptocurrency.
As of this writing, the service is only available in Ohio and there’s no concrete statement to show the plan for an expansion to other states yet.
“We are proud to make Ohio the first state in the nation to accept tax payments via cryptocurrency,” Mandel said in a statement. “We’re doing this to provide Ohioans more options and ease in paying their taxes and also to project Ohio’s leadership in embracing blockchain technology.”
All the tax payments will be made through OhioCrypto.com, which is a newly developed platform built to manage the process.
Further, NBC4I reports that OhioCrypto.com is the first ever government run website that will accept cryptocurrency payments.
According to a release from Ohio Treasurer Josh Mandel, the website OhioCrypto.com is the first in the nation and one of the first government run sites in the world that will enable businesses the ability to leverage cutting-edge blockchain technology to pay taxes with cryptocurrency.
The report further shows that the state will track these payments in real time.
The reports show that the state’s treasurer won’t be holding funds in cryptocurrency. Ohio’s government is working closely with BitPay to convert the Cryptocurrency to USD before they are transferred to the government’s account.