This USA State to Accept Taxes in Bitcoin

Businesses in Ohio state, USA, will able to register at OhioCrypto.com and pay all kinds of taxes in terms of bitcoin (BTC). Further, this tax paying facility will be extended to individuals, according to various reports all referencing to Wall Street Journal (WSJ) article.

This news comes as a boon when crypto markets worldwide are drastically devalued for the last few weeks. At the time of writing this post, Bitcoin price on Binance, one of the top cryptocurrency exchanges, was hovering around USD 3888. Other top cryptocurrencies and altcoins such as Ethereum, Ripple XRP, Litecoin were still in the red.

Bitcoin is legal in the US and European Union countries. However, the cryptocurrency remains unrecognized by the Indian government and the Reserve Bank of India has barred Indian banks in dealing with crypto exchanges in the country. This means fiat-to-crypto conversion is not possible in India.

However, the Ohio State will use BitPay to handle its payments. Bitpay helps in crypto-to-fiat conversion and in this case, it would be bitcoin to USD. According to the TechCrunch article on Ohio accepting Bitcoin further notes that other states in the USA are also considering to accept bitcoin for taxes.

In any case, this news highlights that bitcoin (BTC cryptocurrency) is an acceptable means to transact a value in certain parts of the world though not considered as fully not recognized as a legitimate currency.