The U.S. state of Ohio has become the first state to accept Bitcoin as tax payment, according to a report from The Wall Street Journal on Sunday. Starting on 26 November, Ohio state companies will be able to pay taxes with the cryptocurrency.
The tax payments will be processed by BitPay payments processor, which will convert bitcoins to dollars for the Treasurer’s office. Currently, the Bitcoin payment option is available only for businesses; it is expected in will be available to individuals in the nearest future.
Ohio has also been working to bring other aspects of blockchain technology into law. Over the summer, the state legally recognized data stored and transacted on a blockchain, meaning electronic signatures secured through blockchain technology have the same legal standing as any other electronic signatures.
Other U.S. states have also considered allowing crypto tax payments in the past. Back in March, Illinois and Arizona were both weighing proposals to allow residents to pay their tax bills in bitcoin. Georgia was also considering the option in February.