PAYMENT OF TAXES WITH BITCOIN SUSPENDED IN OHIO
Companies in Ohio were able to pay taxes with Bitcoin, but this was suspended for a while.
Ohio Treasury Officer Robert Sprague announced the immediate suspension of OhioCrypto.com, which allows businesses to pay taxes with Bitcoin (BTC).
In an official press release on October 2, Sprague said internal investigations revealed that Ohio must obtain approval from the Deposit Board before publishing its website, which allows businesses to pay taxes in digital currencies. Chief Public Prosecutor Dave Yost of the State Deposits Board asked to investigate the legality of how the crypto money portal was established and whether BitPay, the third-party processor providing the service, could be perceived as a financial trading device.
Sprague made the following statements:
It is vital that Ohio explores innovative, new technologies and processes that will continue to carry Ohio into the future. However, we must ensure that applications and new transactions such as OhioCrypto.com are in accordance with Ohio law.