Ohio Modernizes Tax System to Accept BTC Payments

Ohio, the first U.S. state to accept Bitcoin for tax payments, positioning itself as a pioneer in crypto-friendly regulation in 2018 introduced a new bill to widen crypto adoption. Ohio recently took a significant step toward broader crypto adoption by introducing a new bill that allows residents to pay state and local taxes using cryptocurrencies like Bitcoin

This legislation, introduced by State Senator Niraj Antani on September 30, 2024, equally opens the door for state universities and pension funds to invest in cryptocurrencies at their discretion. The bill is focused on modernizing Ohio’s tax system, reflecting a growing interest in digital currencies. If passed, Ohioans will be able to use approved cryptocurrencies to settle taxes, fees, fines, and other expenses owed to state and local entities.

For the selection of approved cryptocurrencies, It will be decided annually by the state tax commissioner. It is also worth noting that this is not Ohio’s first expedition into using cryptocurrency for tax payments. The state briefly experimented with a similar program in 2018, but it was put aside due to a lack of approval from the Ohio State Board of Deposits.

This current proposal aims to build on the framework laid by the 2018 program while marking a renewed push for crypto integration into the state’s financial ecosystem.