11 June 25 news, from the beginning of this week, headquartered in Ohio, the enterprise can use bitcoins to pay for cigarettes, 23 vehicle fuel tax, this process will be through bitcoin payment service provider BitPay to complete the payment. It is reported that this initiative will initially only apply to the business tax, and then gradually extended to the tax declaration.
This is the first encryption friendly measures proposed by the Ohio state treasurer Josh Mandel, which he said:
“I think bitcoin is a legitimate currency. I believe in my office at the end (the end of January next year, the term) on the encryption currency will continue to implement the initiative.”
To promote the compliance process
Since 2008, Cassandras have stressed the lack of intrinsic value of bitcoin stocks, currencies and commodities have.
The value is affected by subjective factors, and the change has been dependent on market demand. Not only bitcoin price volatility is more obvious, the value of the dollar will vary according to the state of the global economy and the change of stock and commodity price fluctuations also sometimes experience relatively high.
With the strong support of work force, bitcoin not only has the scalability of the society, but also can prevent the emergence of market manipulation, centralization, and inflation data tampering and other problems. The center of the characteristics to bitcoin, is from ancient to modern times in every currency can not match advantage.
Cornell University professor EminG nSirer said that the state of Ohio in the tax payment has been bitcoin and other encryption currency to open the door, this also means that the formal recognition of its value. EminG nSirer said:
“Because you can get a crypto currency tax, so it has intrinsic value.”
The nonprofit research organization Coin Center cryptocurrencies director Jerry Brito also mentioned that the Ohio state government to accept bitcoin, its public image from an illegal molecular frequently used payment, promotion is a kind of currency of the people’s daily use of compliance. Jerry Brito said:
“(this initiative of the state of Ohio) does convey such a message, bitcoin is a kind of anyone can use the encryption technology, not only the bad guys can use, the government can also use.”
To change the public perception
From a speculative tool to the general public have been aware of the asset classes, perceptions of encryption currency has been changed.
2017 years, when the encryption of money market hit a record high and began to rapidly decline, many investors are worried that the development of encryption currency industry were a fad.
Although this year’s market some unsatisfactory, but fidelity, Intercontinental Exchange, the New York stock exchange, Goldman, Morgan Stanley and other world-renowned financial institutions have said to be involved in encryption currency field, the positive momentum of development can not be ignored.
The Ohio state government to bitcoin further enhance public confidence, through the improvement of appropriate regulatory measures and infrastructure, bitcoin as a legitimate currency to replace the dollar as the legal currency plays a role in our daily lives.