“Cryptocurrency is not just the future, but it’s the present of our 21st century economy,” Antani said. “If we want to encourage innovation and free enterprise in Ohio, we should do everything we can to normalize these uses of cryptocurrencies.”
If the measure passes, Ohio law would state that all government entities “shall accept” cryptocurrency “for the payment of any tax, fee, cost, charge, assessment, fine, or other payment of expense owed,” with the stipulation that the state can charge the payer with service fees associated with the transaction.
Kevin Futryk, executive director for the County Treasurers Association of Ohio, told this news outlet that he’s not sure if there are any county treasurers who currently have the means to accept crypto payments. He said the bill will be a topic of discussion at the organization’s upcoming meeting.
“We have not taken a stance on it yet because it was just introduced. We will be reviewing it, and then, based on what that review is, we’ll either take a position on the bill or just monitor it to see what happens with it,” Futryk said.
Also woven into the bill is an express permission for state universities and state pensions to invest in crypto markets.
Under the bill, crypto is defined as a “digital representation of value” with which “there is a reasonable expectation that it will maintain a stable value relative to a fixed amount of monetary value.”
The state would be required to determine and publish a list of acceptable cryptocurrencies on or before June 30 of each year.
Crypto as a form of tax payment has been in the cards for Ohio for years. In 2018, Ohio’s then-Treasurer Josh Mandel tried to make it happen, but the final authority fell on the State Board of Deposits, which never finalized the change.
“Since they have failed to act, the legislature will,” Antani said.
With a 2022 bill, only Colorado allows residents to pay taxes with crypto today.
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Avery Kreemer can be reached at 614-981-1422, on X, via email, or you can drop him a comment/tip with the survey below.
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