The U.S. state of Ohio will accept bitcoin tax

The American state of Ohio is expected to become the first bitcoin state tax. According to reports, since November 26, 2018, the U.S. state of Ohio through the website, the use of bitcoin payment of cigarette sales tax and other taxes.

Reported that, from the beginning of this week, headquartered in Ohio, the enterprise can register on the site, and through the encryption currency payment service platform BitPay to pay all taxes. However, this approach is only applicable to enterprises, the future of this service will be extended to individual taxpayers.

This resolution was sponsored by the Ohio state treasury secretary Josh Mandel. He believes that bitcoin is a legitimate form of currency, and hope that in terms of the use of encryption currency for the state of Ohio “erected a banner”, hope that other states will follow.

Mandel said that even if the end of the term, he was sure that the plan will continue to implement the next Treasury Secretary hands, and the finance minister has skipped the state legislature and the governor, directly accept the virtual currency tax power.

In the past year, other states have proposed several currencies to accept the use of encryption tax bill.

In February 8th this year, the Arizona Senate passed a bill to allow the residents with encryption money to pay taxes. The Senate bill by the Senate Finance Committee by 4 votes to 3, the bill would allow the state’s taxpayers use “a payment gateway, such as bitcoin, Wright currency or any other departments approved by the encryption system using electronic currency, point to point”. According to the bill, the Arizona tax bureau after receiving the tax and any interest and penalty “encryption, will be obligated within 24 hours will pay $crypto currency conversion.

The bill’s co sponsors of congressman Jeff Werrngerrr, shortly after it said that the bill was amended to make it more neutral. He explained that although the original version made special mention of bitcoin, but the new version on which encryption currency can be used is not clear. 4 the end of the month, a new version of the bill was passed, did not let the tax bureau to taxation by encrypting the currency, but instructed the departments to study whether taxpayers can use the income tax payment network platform to pay taxpayers, including bitcoin and Wright currency and other encryption currency.

In February this year, the U.S. state of Georgia introduced a bill, effective payment hope can accept crypto currency as a national tax and license. This new proposal with the Arizona Senate bill is very similar, allowing taxpayers to use the tax payment gateway, the relevant government approved crypto currencies such as bitcoin, Wright currency and other electronic P2P systems. At present, the bill’s status as “25% of the vote in favour of the proposal, not by”.

Since 2018, bitcoin prices continued to decline, more recently staged a “big diving”. In November 25th, bitcoin prices ushered in a slump, fell below $4000 mark. In the past seven days, bitcoin has fallen more than $1700, down more than 30%.

(source: Economic Information Daily)

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