How about renaming this U.S. state CryptOhio?
It fits because Ohio just became the first state in the nation to accept the cryptocurrency Bitcoin for 23 different business taxes.
Businesses simply register at OhioCrypto.com and scan the QR code to open the correct payment amount in a digital wallet.
Just like that, business taxes are paid. And it works for any organization with a tax bill in Ohio.
"From mom and pop coffee shops to Fortune 100 companies," says State Treasurer Josh Mandel.
The price of Bitcoin fluctuates wildly, so is Ohio taking a big risk here?
Not really.
Vendor BitPay will lock in Bitcoin's value for 15 minutes when a business pays taxes. That is more than long enough to verify the payment on the Blockchain and convert the digital currency into U.S. dollars to pay the state.
And it is a money saver for business. Paying taxes by credit card comes with a 2.5% fee in Ohio, but that drops to 1% if you pay by Bitcoin.
The State Treasurer says Ohio is trying to become a national leader in Blockchain technology, and this is a significant step.
