Ohio Takes a Bold Step: Can Bitcoin and Crypto Payments for Taxes Become a Reality?

Ohio Senator Proposes Groundbreaking Cryptocurrency Bill

On Monday, Ohio State Senator Niraj Antani proposed a landmark bill that could position Ohio as one of the few states to accept Bitcoin and other cryptocurrencies for state and local tax payments. This proposed legislation mandates all political subdivisions in Ohio to accept digital currencies, although the specific assets to be accepted are yet to be determined.

Senator Antani emphasized the relevance of cryptocurrency in today’s economy, stating, "Cryptocurrency is not just the future, but it’s the present of our 21st-century economy." This bill aims to normalize the usage of crypto in Ohio’s financial landscape.

Ohio previously made headlines in 2018 when it became the first state to allow businesses to pay taxes using Bitcoin. However, this initiative ended abruptly after the Ohio Attorney General ruled that the State Board of Deposits needed to approve the program, which they failed to do.

Antani’s current bill seeks to eliminate this obstacle by explicitly requiring the acceptance of crypto payments for taxes and fees. Reflecting on past efforts, Antani remarked, "Former State Treasurer Josh Mandel was a leader on cryptocurrency in 2018, and Ohioans have him to thank for being an early adopter of this innovation."

In addition to tax payments, the bill also aims to allow state universities and pension funds to invest in cryptocurrencies, marking a significant expansion of Ohio’s engagement with the crypto industry.

Other states are also exploring similar paths toward crypto adoption. For instance, Colorado became the first state to officially accept Bitcoin for tax payments in 2022, enabling payments via PayPal, while Florida and Utah are also making strides in this direction. In light of these developments, Antani stated, "By allowing Ohioans to pay their taxes and fees with cryptocurrency, we will be on the cutting edge."

Edited by Sebastian Sinclair