Ohio Now Accepts Cryptocurrency as Tax Payment

In an effort to continue its image as being on the cutting-edge of technology, Ohio announced that the state will now accept tax payments via cryptocurrency. Ohio is the first state in the U.S. to accept cryptocurrency as a form of payment for state taxes with the launch of a new site, OhioCrypto.com. Taxpayers not currently registered through the Treasurer’s office may register online at OhioCrypto.com.

Currently, Bitcoin is the only cryptocurrency eligible for payment on OhioCrypto.com. Payments are processed through BitPay, the Treasurer’s Office third-party cryptocurrency payment processor. A few benefits of paying via cryptocurrency for taxpayers include real-time tracking of payments on the blockchain, secure payments that cannot be transferred to third parties with user initiation, and minimal fees to confirm transactions. The Treasurer’s Office will be adding more cryptocurrencies in the future.

Taxpayers can pay 23 Ohio business-related taxes using cryptocurrencies, including sales tax and consumer’s use tax, and seller’s use tax.

The Treasurer’s Office will continue to offer ACH credit, ACH debit, check, wire transfer, money order, eCheck, and credit card as payment methods for taxes.

For more information about paying Ohio taxes via cryptocurrency, view the Treasurer’s press release and visit the OhioCrypto FAQ page. (News Release and Frequently Asked Questions, Treasurer of Ohio, November 26, 2018)

Posted on November 29, 2018