The idea of paying taxes with Bitcoin came from Josh Mandel, who was in charge of the state’s financial affairs. Mandel believes that the new program is suitable for taxpayers as well as helping to plant flags for Ohio’s crypto-currency adaptation.
”I see Bitcoin as a legitimate form of money, Mand says Mandel.
The state will use the Bitcoin payment processor BitPay for tax payments . Taxpayers from Ohio will send their tax payments to BitPay, and the Bitcoins will be converted into dollars here. Ohio’s move does not give Bitcoin a legal status, but gives tacit approval from state regulators.
The news is that Bitcoin, a deep bear market, provides much more legitimacy that is needed at this stage.
The number one crypto is traded at $ 4,052 based on data from Bitstamp.