The crypto markets may be in a plunge right now, but that has not stopped major cryptocurrency Bitcoin from achieving a new milestone at the start of this new week.
According to a WSJ report, the tax agency of U.S State Ohio has opened up a portal that allows businesses to pay off any percentage of their taxes using Bitcoin. The gateway is Ohiocrypto.com and people could start using them for paying anything ranging from employee withholding tax to sales tax, as soon as Monday.
The State had partnered with crypto payment processor BitPay who will convert collected tax funds to fiat and then remit to the agency.
Ohio State Treasurer, Josh Mandel said in the report that accepting tax payment in Bitcoin is just one more way for the region to show its support for innovation and technology advancement.
In the future, they hope to diversify the Bitcoin payment option to include individual tax filings.
Ohio Pulls Off First Among Many
By the new development, Ohio has become the first State in the U.S and arguably the whole world to allow the payment of taxes with Bitcoin.
As per the report, the U.S States of Georgia, Illinois, and Arizona had at one time. or the other tried to add the Bitcoin tax payment option, only to have the move denied by state legislators.
Now that the barrier has been broken, there is a massive chance that more States and world jurisdictions would be open to the option of collecting Bitcoin for taxes because the rate of adoption by residents have been high.
For those who already hold the famous cryptocurrency, the new milestone is just one more use case and strengthens confidence that the new-asset class has a future way beyond its current market performance.