Cryptocurrencies could soon be officially used to pay taxes and government fees in the state of Ohio. A new bill mandates that state government agencies must accept digital assets for payment.
Ohio State Senator Niraj Antani introduced a bill requiring local government agencies to accept cryptocurrencies as a legal form of payment. Specifically, residents will be able to use digital assets to pay taxes and various state fees.
Under the bill, the state’s tax commissioner will annually approve a list of cryptocurrencies that can be used to pay taxes, fees, fines, and other government charges. Taxpayers will be responsible for covering all crypto transaction fees.
Central bank digital currencies (CBDC) don’t fall under the senator’s proposed definition of cryptocurrency, which residents will be able to use as a means of payment. Antani emphasized that the Ohio government favors decentralized financial instruments and will only accept digital assets that will maintain a stable value relative to a fixed amount of monetary value.
Antani’s initiative continues the state’s policy that began in 2018, when Ohio became the first state to offer crypto tax payments. However, the process was put on hold due to legal inconsistencies.
Recently, residents of Louisiana were given the option to pay for state services using BTC and USDC.
