Cryptocurrency News Today: Ohio businesses can no longer use Bitcoin to pay taxes – but will they care?
According to Ohio Treasurer Robert Sprague, OhioCrypto.com – the website used to pay taxes in Bitcoin – could be legally operating as a “financial transaction device.” As such, the provider, in this case BitPay, should have been chosen through a “competitive selection process,” The Fresno Bee reports.
It appears that OhioCrypto.com’s initiation may have happened unlawfully. Sprague said that it’s vital to explore new technologies, but those that are implemented should be done so in line with Ohio law.
Don’t worry, though. Sprague went on to say that in the 10 months since OhioCrypto.com launched, less than 10 businesses have chosen to pay their taxes in Bitcoin or other cryptocurrencies. No one is really going to miss it.
Let’s put that in some context. According to the US Small Business Association, in 2018 there were more than 940,000 small businesses in Ohio, making up over 99 percent of the state‘s business. The state also has 1,600 registered businesses that