Ohio Becomes First State in Nation to Accept Taxes via Cryptocurrency
December 03, 2018
FOR IMMEDIATE RELEASE
Contact: Chris Berry
Phone: 614-466-7665
November 26, 2018
Contact: Chris Berry
Phone: 614-466-7665
November 26, 2018
Ohio Becomes First State in Nation to Accept Taxes via Cryptocurrency
Treasurer Mandel Launches OhioCrypto.com, Partnering with BitPay to Enable Ohio Businesses to Pay Taxes Using Cryptocurrency
Treasurer Mandel Launches OhioCrypto.com, Partnering with BitPay to Enable Ohio Businesses to Pay Taxes Using Cryptocurrency
COLUMBUS - For the first time in America, a state is enabling businesses the ability to leverage cutting-edge blockchain technology to pay taxes with cryptocurrency. With the launch of OhioCrypto.com, Ohio Treasurer Josh Mandel is making Ohio the first state in the nation, and one of the first governments in the world, to accept tax payments via cryptocurrency.
"We are proud to make Ohio the first state in the nation to accept tax payments via cryptocurrency," said Treasurer Mandel. "We're doing this to provide Ohioans more options and ease in paying their taxes and also to project Ohio's leadership in embracing blockchain technology."
"The State of Ohio is the first major government entity offering its citizens the option to pay with cryptocurrency," said Stephen Pair, co-founder and CEO of BitPay. "With BitPay, Ohio can leverage blockchain technology and benefit from reduced risk and identity fraud as well as enabling quick and easy payments from any device anywhere in the world and get paid in dollars. This vision is at the forefront of moving blockchain payments into mainstream adoption."
Payments on the blockchain offer real time tracking, and cryptocurrencies cannot be transferred to third parties without user initiation. A minimal fee is charged to confirm the transactions and anyone can view all transactions on the blockchain network. Bitcoin is the only cryptocurrency currently eligible for payment at OhioCrypto.com, and the Treasurer's office looks forward to adding other cryptocurrencies in the future.
Other means by which businesses can pay their taxes through the Treasurer's office include ACH credit, ACH debit, check and money order. The cryptocurrency payment option, via OhioCrypto.com, is the newest option for businesses. Taxes eligible for payment on OhioCrypto.com include 23 different taxes.
At no time will the Treasurer's office hold cryptocurrency. Payments made on OhioCrypto.com are immediately converted to USD before being deposited into a state account. The Treasurer's office has partnered with BitPay as a third party cryptocurrency global payment processor.
This announcement is being made in collaboration with the Cleveland Blockland Conference kicking off this weekend. The Blockland initiative seeks to establish Northeast Ohio as a significant technology center by being a leader in blockchain solutions.
For more information please visit www.OhioCrypto.com.
"We are proud to make Ohio the first state in the nation to accept tax payments via cryptocurrency," said Treasurer Mandel. "We're doing this to provide Ohioans more options and ease in paying their taxes and also to project Ohio's leadership in embracing blockchain technology."
"The State of Ohio is the first major government entity offering its citizens the option to pay with cryptocurrency," said Stephen Pair, co-founder and CEO of BitPay. "With BitPay, Ohio can leverage blockchain technology and benefit from reduced risk and identity fraud as well as enabling quick and easy payments from any device anywhere in the world and get paid in dollars. This vision is at the forefront of moving blockchain payments into mainstream adoption."
Payments on the blockchain offer real time tracking, and cryptocurrencies cannot be transferred to third parties without user initiation. A minimal fee is charged to confirm the transactions and anyone can view all transactions on the blockchain network. Bitcoin is the only cryptocurrency currently eligible for payment at OhioCrypto.com, and the Treasurer's office looks forward to adding other cryptocurrencies in the future.
Other means by which businesses can pay their taxes through the Treasurer's office include ACH credit, ACH debit, check and money order. The cryptocurrency payment option, via OhioCrypto.com, is the newest option for businesses. Taxes eligible for payment on OhioCrypto.com include 23 different taxes.
At no time will the Treasurer's office hold cryptocurrency. Payments made on OhioCrypto.com are immediately converted to USD before being deposited into a state account. The Treasurer's office has partnered with BitPay as a third party cryptocurrency global payment processor.
This announcement is being made in collaboration with the Cleveland Blockland Conference kicking off this weekend. The Blockland initiative seeks to establish Northeast Ohio as a significant technology center by being a leader in blockchain solutions.
For more information please visit www.OhioCrypto.com.
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First State in America
- Under the leadership of Ohio Treasurer Josh Mandel, taxpayers are able to pay their state taxes with cryptocurrency for the first time anywhere in America.
- Ohio has become the first state in the United States, and one of the first governments in the world, to accept cryptocurrency.
- From mom and pop coffee shops to Fortune 100 companies, businesses now have the ability to pay their taxes with OhioCrypto.com.
Why We’re Doing This
- Treasurer Mandel believes in leveraging cutting-edge technology to provide Ohioans more options and ease while interfacing with state government.
- The Treasurer’s office is working to help make Ohio a national leader in blockchain technology.
- Treasurer Mandel has a proven record of leveraging technology to change how citizens interact with government. In 2014, Treasurer Mandel launched OhioCheckbook.com which set a new national standard for government transparency and, for the first time in Ohio history, put all state spending information on the internet. OhioCheckbook.com has earned Ohio the #1 ranking in the country for government transparency as evaluated by the U.S. Public Interest Research Group.
How it Works
- Businesses can now pay their taxes with cryptocurrency in three easy steps:
- Tell us who you are: Not registered to pay taxes through the Treasurer’s office? No problem. Just register online at OhioCrypto.com.
- Enter tax payment information: Enter business tax payment amount and select the tax period date.
- Pay with cryptocurrency: Use your cryptocurrency wallet to pay the invoice with Bitcoin. All payments are processed by the Ohio Treasurer’s office third party cryptocurrency payment processor, BitPay.
The Benefits
- The Ohio Treasurer’s office continues to be an innovative leader by leveraging technology to offer cutting-edge tools and services to Ohioans.
- OhioCrypto.com is the latest tax payment option for Ohio taxpayers. Benefits include:
- Quick and easy – Businesses can pay their taxes in three quick steps using the cryptocurrency tax payment portal.
- Real-time tracking – Payments on the blockchain can be tracked on an instantaneous basis.
- Secure payments – Cryptocurrencies cannot be transferred to third parties without user initiation.
- Low fees – A minimal fee is charged to confirm transactions on the blockchain network.
- Transparency – Anyone can view all transactions on the blockchain network.
- Mobile options – Easily make tax payments on your mobile phone or tablet.
The Details
- At no point will the Treasurer’s office hold cryptocurrency. Payments made on OhioCrypto.com, through our third party cryptocurrency payment processor partner BitPay, are immediately converted to USD before being deposited into a state account.
- Taxpayers can currently pay their taxes with OhioCrypto.com in Bitcoin – the Treasurer’s office looks forward to adding more cryptocurrencies in the future.
- Other means by which businesses can pay their taxes through the Treasurer’s office include ACH credit, ACH debit, check and money order.
- There are 23 taxes eligible for payment on OhioCrypto.com. They are:
- 911 Wireless
- Cigarette/Other Tobacco Products
- Commercial Activity (CAT)
- Consumer’s Use
- Direct Pay Permit
- Financial Institution (FIT)
- Interest on Lawyers Trust Accounts (IOLTA)
- International Fuel Tax Agreement (IFTA)
- Kilowatt Hour
- Motor Vehicle Fuel (MVFT)
- Municipal Net Profits
- Municipal Tax Electric Light & Telephone
- Natural Gas Distribution (Mcf)
- Non-Resident Motor Vehicle Sales Tax
- Pass-Thru Entity Tax (PTE)
- Petroleum Activity (PAT)
- Premium Insurance Tax
- Public Utilities Tax
- Sales Tax
- Seller’s Use Tax
- Severance Tax
- Streamlined Sales Tax (SST)
- Withholding Tax
