According to bitcoin.com reports, the U.S. state of Ohio will be held this week for the enterprise to provide bitcoin payment of tax business. The state finance department said: “Ohio has become the first American state to accept the encryption currency, is the world’s first encryption monetary government.”
It is understood that, in order to open bitcoin business tax, the state of Ohio established a special encryption currency payment portal, called Ohiocrypto.com.
To register through the website, Ohio enterprises will be able to use other digital currency bitcoin payment including cigarettes or other tobacco tax, business tax, fuel tax, vehicle tax, non resident entities through tax, public utilities tax, business tax, the seller with tax, withholding tax and other taxes 23.
On its website, Ohio, outlines the use of encryption currency payment of tax benefits:
For taxpayers “quick and easy”. Just 3 steps: online registration, the input tax amount and tax deadline, you use the compatible encryption currency bitcoin wallet payment”.
The transaction information can be tracked in real time on the block chain”.
The relative safety. Because the payment behavior without user initiated, encryption currency can not be transferred to the third party”.
Transparent transactions. “Anyone can view all transactions in the block chain”.
The website said in a statement, the taxpayer can only use bitcoin to pay taxes, but the financial sector also hopes to increase the number of new crypto currency in the future tax scheme. “Wall Street daily” the report also said: “in the end, for the program will be expanded to individual applicants.”
Ohio financial department stressed:
The finance department will not hold the encryption of monetary assets. (taxpayers through other encryption currency bitcoin payment) finance department will through the third party partner Bitpay Ohiocrypto.com on payments into dollars, and deposited in the national accounts.
It is understood that, in order to reduce the influence of encryption currency fluctuations in market value, the third party encryption currency payment processor will lock the exchange rate (exchange rate of $BTC) 15 minutes. If the taxpayer did not submit payment within 15 minutes, the need to re submit the transaction start to update the exchange rate.