RATE Group | Ohio businesses can no longer use Bitcoin to pay taxes – but will they care?
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Ohio businesses can no longer use Bitcoin to pay taxes – but will they care?

03 Oct Ohio businesses can no longer use Bitcoin to pay taxes – but will they care?

Posted at 14:16h in Cryptocurrency News by

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Ohio, the first US state to accept Bitcoin BTC for taxes, has suspended its cryptocurrency payment system meaning businesses can no longer pay in digital assets.

According to Ohio Treasurer Robert Sprague, OhioCrypto.com – the website used to pay taxes in Bitcoin – could be legally operating as a “financial transaction device.” As such, the provider, in this case BitPay, should have been chosen through a “competitive selection process,” The Fresno Bee reports.

It appears that OhioCrypto.com’s initiation may have happened unlawfully. Sprague said that it’s vital to explore new technologies, but those that are implemented should be done so in line with Ohio law.

Don’t worry, though. Sprague went on to say that in the 10 months since OhioCrypto.com launched, less than 10 businesses have chosen to pay their taxes in Bitcoin or other cryptocurrencies. No one is really going to miss it.

Let’s put that in some…

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