Bitcoin, since its existence has made a name for itself but fact still holds it that the asset has failed to gain recommendation from the government. This week’s news however shows that the Ohio State government has taken the first step ever to make Bitcoin recognizable by all in the state as they now accept Bitcoin for tax bills.
It was all Josh Mandel’s, the state treasurer, idea to accept cryptocurrencies for taxes. The 41 years old man has been in charge of this office for 7 years now (since 2011) and has taken interest in the new technology for quite some time now.
The registration has already begun this week as all businesses ranging from small scale to large scale have been adviced to complete the registration form, on ohiocrypto.com, if they wish to pay their taxes in Bitcoin.
Mr. Mandel said:
I do see bitcoin as a legitimate form of currency, and I’m hoping that other states will follow suit.
The director of the research firm, Coin Centre, Jerry Brito also dropped a speech:
When the technology first came out and Bitcoin was introduced, so many people linked the new tech to something that’s mostly used for illicit transactions. Inasmuch as this new tech is being used by the bad guys, it can as well be used by the good guys (government).
Bitpay, the Atlanta-Based payment processor also have a role to play in this new development as they will be responsible for the conversion of Bitcoin to dollars for the state treasurer’s office. However, there is a this question we need to ask ourselves here. Will the masses accept this form of payment for tax bills, knowing too well that bitcoin is one among the best way to invest for the future?