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Bitcoin Payment Saves Ohio Businesses Millions

Bitcoin Payment Saves Ohio Businesses Millions

The State of Ohio is now in a leadership position that many other states might be following in the future. Back in November the state became the first state in the US to announce that it would now allow business residents to pay taxes using Bitcoin. Other states have tabled the idea and saw the tax plan payment rejected or are still considering the possibility.

Ohio business owners are now able to register and resolve their tax disputes or other government related payments processed in cryptocurrencies. So the states is now embracing technology that may be widely accepted in the future, and it is clearly underscored by the launch of Ohiocrypto.com, and “we are planting a flag here in the state, and showing that we are a leader” according to the State Treasurer. The most commonly paid business taxes that are covered by this new system are Cigarette/Other Tobacco Products, Sales Taxes, Withholding Tax, Motor Vehicle Fuel, Sales Tax and many other that total 23 types of taxes that are most actively used by businesses.

The system is easy to use, so the taxpayer registers on the site and then enters the tax payment information. The payment is done in Bitcoin and immediately converted from Bitcoin to US dollars and processed through Bitpay.

Historically, the credit card payment charged a 2.5 percent processing fee, however with all Bitcoin transactions, the service charge will only be 1 percent. Again, this is encouraging as the 1 percent fee will save the business tax payer millions over years of payment for businesses across the state.

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