By Jon Fingas
There's a lot of legal uncertainty in the US surrounding cryptocurrency, but Ohio is pressing forward. As of this week, it'll be the first state to accept bitcoin for paying tax bills. The Wall Street Journal
notes this will be limited to businesses purposes and isn't going
directly into Ohio's coffers (an Atlanta firm, BitPay, converts the
virtual cash to dollars first). However, it could still be much more
convenient for shops that take bitcoin and would rather not exchange the
format just to cover their sales tax payments.
notes this will be limited to businesses purposes and isn't going
directly into Ohio's coffers (an Atlanta firm, BitPay, converts the
virtual cash to dollars first). However, it could still be much more
convenient for shops that take bitcoin and would rather not exchange the
format just to cover their sales tax payments.
This doesn't eliminate the regulatory concerns around cryptocurrency, and
it's doubtful that more than a handful of businesses will use it. It's
happening in Ohio precisely because state Treasurer Josh Mandel says he
can do it without requiring help from the legislature or the governor.
It could be considerably more difficult to implement this by passing a
bill
Read more here --> engadget.com
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