The Ohio State Treasurer Robert Sprague stated in a forum from February 19 that two Ohio companies have made their yearly tax contribution payments in the form of cryptocurrency – specifically Bitcoin. Sprague went on to elaborate that the state treasury does not directly accept cryptocurrency as payment, but rather arrange for transactions to be facilitated through a certified trading platform, which exchanges the cryptocurrency for US dollars at a predetermined rate.
Ohio became the first state to allow both businesses and individuals the option to pay their taxes in the form of cryptocurrencies such as Bitcoin in November of 2018. There are many other popular and currently valuable cryptocurrencies that are also accepted, such as “Ethereum” and “Litecoin.”
Bitcoin hit an all time high price of $19,783 in December of 2017, having seen a price increase of over 1800% that year alone.
Do you think cryptocurrency is the future of finance, or are they pointless internet numbers? Let us know in the comments below!