Ohio State Senator Niraj Antani has introduced a new bill that aims to legalize the use of cryptocurrencies, including Bitcoin, in paying state and local taxes.
Bitcoin and All Cryptocurrencies Could Be Used to Pay Taxes in the State If the Bill Becomes Law
The bill would make Ohio one of the first states to officially recognize cryptocurrency as a valid form of payment for taxes and government fees.
Senator Antani, who announced the bill on social media, said, “Cryptocurrency is not just the future, it is the present of our 21st century economy. If we want to encourage innovation and free enterprise in Ohio, we must do everything we can to normalize the use of cryptocurrencies. By allowing Ohioans to pay their taxes and fees with cryptocurrency, we will have the cutting edge.”
This isn’t the state’s first foray into crypto. Ohio became the first state in the U.S. to accept Bitcoin for tax purposes in 2018, under then-State Treasurer Josh Mandel. However, that initiative was put on hold in 2019 after the Ohio Attorney General advised the state’s Board of Deposits to approve the policy. Despite the recommendation, the Board has yet to act.
Referring to Mandel’s previous efforts, Senator Antani said: “Former State Treasurer Josh Mandel was a leader on crypto in 2018, and Ohioans should thank him for embracing this innovation early. This policy should have been acted upon by the State Depository Board when it was deemed necessary. Since they did not act, the legislature will.”
*This is not investment advice.
