Few Bitcoin Tax Returns

SHARE:

As of mid-February the state of Ohio had received state tax payments made in bitcoin from two companies. However, since the cryptocurrency payment platform only became operational in December, how successful this program will be is still undetermined. Three other states, Arizona, Georgia and Illinois, had bills introduced last year to allow for cryptocurrency tax payment, but Ohio was the first to go ahead in this area.

Ohio Treasurer Robert Sprague, who took office in January, announced: “We’re reviewing how the program might be either curtailed or might be expanded, and what our counter-party risk is with that vendor.” The state hired Bitpay to process the bitcoin payments and convert them into currency to be sent to the Ohio treasury (see sbr 12/18).