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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.

Karen is a lifelong Ohioan who has served as news director at WCBE-FM, assignment editor/overnight anchor at WBNS-TV, and afternoon drive anchor/assignment editor in WTAM-AM in Cleveland. In addition to her daily reporting for Ohio’s public radio stations, she’s reported for NPR, the BBC, ABC Radio News and other news outlets. She hosts and produces the Statehouse News Bureau’s weekly TV show “The State of Ohio”, which airs on PBS stations statewide. She’s also a frequent guest on WOSU TV’s “Columbus on the Record”, a regular panelist on “The Sound of Ideas” on ideastream in Cleveland, appeared on the inaugural edition of “Face the State” on WBNS-TV and occasionally reports for “PBS Newshour”. She’s often called to moderate debates, including the Columbus Metropolitan Club’s Issue 3/legal marijuana debate and its pre-primary mayoral debate, and the City Club of Cleveland’s US Senate debate in 2012.