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Government & Politics

Ohio Treasurer Releases Details on Bitcoin Tax Payments

photo of bitcoin symbol
EivindPedersen
/
PIXABAY

The state has been allowing people to pay 23 kinds of taxes in the digital currency bitcoin for almost three months, in an effort to establish Ohio as a leader in blockchain technology. 

 

Former treasurer Josh Mandel announced in November that taxpayers can pay in bitcoin through a third-party vendor.

At an Ohio Associated Press forum, new treasurer Robert Sprague said the state has accepted two transactions so far.

“And we’re reviewing how that might either be curtailed, how it might be expanded, and what our counterparty risk is with that vendor," Sprague said.

Sprague stresses the state doesn’t hold any bitcoin, and his office said it can’t release information on those transactions.

Most businesses pay taxes electronically, but those choosing the bitcoin option pay a 1 percent fee.