The first US state allowed companies to pay taxes in bitcoins

Against the background of a continuously falling cryptocurrency market, positive news for the industry comes from the USA. The state of Ohio from this week allows companies to pay taxes in Bitcoins, according to the Wall Street Journal .

Pioneers from the Midwest

Ohio becomes the first state in the United States, which officially allows to settle with the state using cryptocurrency . Corporations that plan to use Bitcoin to pay taxes will be able to visit the OhioCrypto.com website, register and use cryptocurrency in their calculations. To process the payment in BTC and convert it into US dollars, Ohio authorities have entered into a partnership agreement with the BitPay payment platform.

The idea to use cryptocurrency for tax payments arose from state treasurer Josh Mandel, who has been a fan of Bitcoin since 2011. Mandel believes that in addition to using digital currency as a speculative asset, the introduction of Bitcoin into the state tax system would be a good idea.

Thus, the financier wants to use promising technology as an example for the further adoption of assets as standard means of payment. Mandel said he sees the main cryptocurrency as a "legal form of currency."

Of course, the decision of the Ohio authorities will not stop the fall of Bitcoin, however, this will be another proof that the cryptocurrency is a legal and convenient means of payment.

Jerry Brito, director of research firm Coin Center, told the WSJ that by accepting cryptocurrency as a tax payment, the authorities:

"They send a message that bitcoin is a technology that anyone can use – not only the" bad guys ", but also the government."

Previously, other states (Arizona, Georgia and Illinois) have already considered using BTC to pay taxes. However, in these states bills were rejected.

Recall, the museum and educational center from Cleveland, Ohio, Great Lakes Science Center announced that it is starting to accept payments in Bitcoin from November 13.