Ohio has become the first state to allow bitcoin payment of tax.
According to the Wall Street Journal reported on Sunday, from the beginning of this week, Ohio, the company will be able to use encryption currency to pay various taxes and fees, to employees from tobacco sales tax withholding tax, and then to the public utilities tax.
The submission process includes three steps: first, enterprises must be registered to the Ohio Office of the chief financial officer called OhioCrypto.com through a special website. Then, they need to enter details such as taxes, payment and tax period, finally, according to the website, using the “compatible” encrypted wallet with bitcoin payment amount due.
Compatible wallet including Bitcoin Core client, Mycelium and breadwallet, and other compatible with bitcoin wallet payment protocol.
All taxes will be handled by BitPay service providers in Atlanta bitcoin payment, BitPay will bitcoin converted into U.S. dollars and handed over to the office of the chief financial officer.
Although the facility is only suitable for the enterprise, but according to reports, is expected to be available for personal use.
Legislators in other parts of the United States in the past also allows the use of encryption currency to pay taxes into account. As early as three months, Illinois and Arizona are considering allowing residents to use bitcoin payment of tax proposals. Georgia, when 2 month is also considering the same matters.
However, lawmakers in Arizona in two months later due to the lack of the vote to cancel the program. Also, due to the lack of understanding, “crypto currency Georgia proposal in April stalled.
Ohio also has been committed to the other block chain technology into law. In the summer, the laws of the state is stored in the block chain recognition and processing of data, which means that through the electronic signature technology to protect the block chain has the same legal status and any other electronic signature.
In the same month, Ohio legislators will be positioned as the blockchain center of the future, hoping to attract the areas of the company and the blockchain personnel.