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Bitcoin

Ohio set to become the first U.S. state to accept bitcoin for tax bills

Starting this week, Ohio businesses will be able to register with the state government to pay some taxes with bitcoin by visiting OhioCrypto.com. The idea to pay taxes with bitcoin comes from the state's Treasurer Josh Mandel. Mandel believes the new program is both convenient for tax filers and helps in 'planting a flag' for Ohio's cryptocurrency adoption. 'I do see [bitcoin] as a legitimate form of currency,' Mr. Mandel said. The state of Ohio will use bitcoin payment processor, BitPay, to help process the tax payments. Ohio filers will send their tax payments to BitPay, which will convert the bitcoins to dollars for the state treasurer's office. While Ohio’s move doesn’t give bitcoin legal status, it does provide a tacit approval of bitcoin from state regulators. That adds much-needed legitimacy to the coin as it is gripped by one of its deepest bear markets. (Source: WSJ)