Ohio Senator Wants Government to Accept Taxes in Crypto

10/01/2024 03:39
Ohio Senator Wants Government to Accept Taxes in Crypto

The new bill is extremely unlikely to succeed

Ohio Senator Wants Government to Accept Taxes in Crypto

Cover image via www.freepik.com

Ohio State Senator Niraj Antani, who represents the state's sixth district, recently introduced a new bill that aims to make it possible to pay taxes with crypto in the state.

The government would have to accept Bitcoin and some unspecified alternative cryptocurrencies.

In his statement, Antani argues that his bill is meant to boost free enterprise and promote innovation.

Ohio became the very first US state to start accepting Bitcoin tax payments back in November 2018. The payment system was powered by the popular cryptocurrency payment processor BitPay, which would convert crypto to US dollars. It was run through the office of former Ohio Treasurer Josh Mandel.

However, the trailblazing program, which was supposed to serve as the blueprint for other states, was shut down due to vetting issues. The website that allows Ohioans to conduct crypto payments was shut down since there was no permission to operate the program. The Treasurer was not allowed to convert crypto into dollars.

Moreover, the program gained very little traction. In fact, it failed to reach even ten payments.

Even though crypto has gained a lot of popularity since 2018, Antani's bill is still extremely unlikely to pass.

About the author

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Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].

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