From today, business in Ohio can now use Bitcoin to pay for taxes.
Starting from today, businesses in the US state of Ohio can now pay their taxes using Bitcoin (BTC), marking the first state within the nation to officially accept Cryptocurrencies to pay for such transactions.
According to a report from the Wall Street Journal on Sunday, companies who want to take advantage of this development can go to OhioCrypto.com. Here, they can register to pay whatever corporate taxes they need, whether it be cigarette sales taxes, employee withholding taxes, etc.
These Payments will reportedly be processed by BitPay, a cryptocurrency payments service, which will convert the BTC to dollars. Initially, this service will only apply to businesses. However, according to yesterday’s report, there are plans in the works to expand this offering to individual taxpayers in the future.
Bitcoin holders in Ohio have state Treasurer Josh Mandel to thank, who told reporters that he is looking to “plan[t] a flag” for Ohio in regards to the adoption of cryptocurrency nationwide.
Specifically, he said: “I do see [bitcoin] as a legitimate form of currency.”
Mandel’s term as the state Treasurer will end in January. However, he told the Wall Street Journal that he is “confident that this cryptocurrency initiative will continue” after his term ends.
Furthermore, the news outlet went on to report that Mandel told journalists that he can decide that his office will accept the digital currency “without approval from the legislature or governor.”
Proposals for Accepting BTC for Tax Payments Held up around America
Ohio isn’t the only state within America to propose accepting BTC for taxes. Places such as Arizona, Georgia, and Illinois have proposed several bills that seek the acceptance of virtual currencies as payment for taxes. However, they have not gotten past state legislatures.
Towards the beginning of this year, the state of Georgia also introduced a bill very similar to that of Ohio’s. However, at the time of publishing the bill’s status is “dead.”
Starting from today, businesses in the US state of Ohio can now pay their taxes using Bitcoin (BTC), marking the first state within the nation to officially accept Cryptocurrencies to pay for such transactions.
According to a report from the Wall Street Journal on Sunday, companies who want to take advantage of this development can go to OhioCrypto.com. Here, they can register to pay whatever corporate taxes they need, whether it be cigarette sales taxes, employee withholding taxes, etc.
These Payments will reportedly be processed by BitPay, a cryptocurrency payments service, which will convert the BTC to dollars. Initially, this service will only apply to businesses. However, according to yesterday’s report, there are plans in the works to expand this offering to individual taxpayers in the future.
Bitcoin holders in Ohio have state Treasurer Josh Mandel to thank, who told reporters that he is looking to “plan[t] a flag” for Ohio in regards to the adoption of cryptocurrency nationwide.
Specifically, he said: “I do see [bitcoin] as a legitimate form of currency.”
Mandel’s term as the state Treasurer will end in January. However, he told the Wall Street Journal that he is “confident that this cryptocurrency initiative will continue” after his term ends.
Furthermore, the news outlet went on to report that Mandel told journalists that he can decide that his office will accept the digital currency “without approval from the legislature or governor.”
Proposals for Accepting BTC for Tax Payments Held up around America
Ohio isn’t the only state within America to propose accepting BTC for taxes. Places such as Arizona, Georgia, and Illinois have proposed several bills that seek the acceptance of virtual currencies as payment for taxes. However, they have not gotten past state legislatures.
Towards the beginning of this year, the state of Georgia also introduced a bill very similar to that of Ohio’s. However, at the time of publishing the bill’s status is “dead.”
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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