Breaking: Ohio becomes the first state to accept bitcoin for tax payments
Starting Monday, businesses in Ohio will be able to pay their taxes in bitcoin — making the state that’s high in the middle and round on both ends the first in the nation to accept cryptocurrency officially. Companies who want to take part in the program simply need to go to OhioCrypto.com and register to pay whatever taxes their corporate hearts desire in crypto. It could be anything from cigarette sales taxes to employee withholding taxes.
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Do we know if they will be taking the BTC and converting it to USD at point of transaction or will they be holding on to it?
I would be led to believe they will not want to deal with the volatility meaning conversion will take place rather quickly. The other proposals that I saw, I believed used Bitpay and they were going to convert within 24 hours. They got shot down by the state legislatures but that is how the drafts were constructed. I presume this one is similar.
This is good news. They are the first state to accept it although others did talk about it.
A suggestion, you need to go to the article to link it. Linking to the app doesnt to much good since the story doesnt open up there.
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