Ohio Senator Proposes Crypto Tax Payments Bill
Ohio State Senator Niraj Antani has introduced a bill that would legalize cryptocurrency payments for state and local taxes and fees. The bill is a step towards making Ohio a more crypto-friendly state.
Cryptocurrency in Ohio
The bill has been met with mixed reactions. Antani emphasizes that cryptocurrency is the “present” of the 21st-century economy, and that Ohio needs to embrace innovation to be competitive. This echoes a previous attempt in 2018 when then-State Treasurer Josh Mandel made Ohio the first state to accept cryptocurrencies for taxes. However, the plan was ultimately stalled due to a lack of approval from the State Board of Deposits.
The Bill’s Potential Impact
If passed, the bill would restore Ohio’s position as a crypto-friendly state. It could also lead to increased adoption of cryptocurrency in the state, as businesses and individuals may be more inclined to use it if it can be used to pay taxes.
More Than Just Taxes
The bill also addresses potential investments by universities and state pension boards in the cryptocurrency market. There is a growing trend across the US for pension boards to consider spot Bitcoin ETF products.
Growing Crypto Acceptance
Overall, the bill reflects the growing trend of cryptocurrency adoption in the United States. Many businesses are accepting Bitcoin as a means of payment. The bill highlights the growing influence of crypto in our economy and could push Ohio to the forefront of crypto innovation.
