Ohio’s Crypto Play Proves Bitcoin is Becoming a Currency
Well, here’s something we didn’t expect this early in the century. Ohio’s state government is now accepting Bitcoin and Bitcoin Cash via its payment portal, serviced by BitPay.
As CCN reported: “Ohio will become the first state in the US to officially accept tax payments in bitcoin, according to a Wall Street Journal report. Beginning this week, businesses who plan to make settlements for their taxes with bitcoin can visit OhioCrypto.com and register to pay all their corporate taxes to the government in BTC. The state government has partnered with crypto payment processor BitPay to handle the payment in crypto and conversion to dollars for the tax office.” Now, let’s talk terminology. Throughout its history, Bitcoin was not truly a currency, even though it had most properties of currency, because it could not be used to pay taxes. This was one of the first things we come to understand about it, and is at the heart of why it had been regulated as a security or investment asset class. In the same way that you can’t take a few pounds of gold or a dozen Walmart gift cards to the tax office, you previously could not pay your taxes using Bitcoin.