Ohio companies lose their ability to pay taxes with cryptocurrencies

The US state of Ohio was the first in the United States to allow companies to pay taxes with cryptocurrencies. However, the service providing this opportunity was suspended.

The site OhioCrypto.com, through which taxes were paid using cryptocurrencies, was suspended by order of state treasurer Robert Sprague (Robert Sprague). According to the Treasury, this site does not fit the definition of “device for financial transactions.”

In addition, the transfer of cryptocurrencies to fiat currency was carried out through the payment operator BitPay. According to the Ohio Treasury, BitPay was to be approved by the Depository Board, which includes the attorney general, auditor, and state treasurer.

“Until the attorney general makes an official opinion, I consider it reasonable to suspend the website,” said Sprag, adding that he remains positive about introducing new innovative technologies and processes.

The opportunity to pay taxes using cryptocurrencies in Ohio appeared in 2018 thanks to the efforts of Josh Mandel, who was then the treasurer. Mandel sought to make the cryptocurrency adoption leader.

Recall that in March this year, residents of the Canadian city of Innisfil in Ontario received the opportunity to pay real estate taxes with cryptocurrencies.