Ohio will become the first state in the world to accept tax payments using cryptocurrency.The state is doing this to provide Ohioans more options and ease in paying their taxes and also to project Ohio’s leadership in embracing block chain technology.
Under the new payment system not all taxpayers will be able to make payments in cryptocurrency. It is currently only limited to businesses operating in Ohio. The local government is however looking to extend this service to local residents living in the landlocked state.
The cryptocurrency payments will be processed by a third-party cryptocurrency payment processor called BitPay. Those payments will then be immediately converted to dollars before being deposited into the state’s account.