tldr; Ohio State Senator Niraj Antani introduced a bill to legalize Bitcoin and other cryptocurrencies for state and local tax payments. The legislation, introduced on September 30, aims to position Ohio as a leader in technological advancement and economic development. It also allows state universities and public pension funds to invest in cryptocurrencies. This move follows Ohio’s previous attempt in 2018 to accept crypto for taxes, which was halted due to regulatory issues. The bill seeks to encourage innovation and free enterprise in Ohio.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
We got Ohio proposing bills to legalize crypto for taxes before GTA 6
HODL_monk on
Payments don’t need to be ‘legalized’, they just need to be accepted. Does my business ‘legalize’ apple pay, if we add it to our payment types ?
etherd0t on
I don’t think our regulators have a grasp on how crypto works.
‘Bitcoin’ is not meant for payments as stated in the bill, most likely there should be a stable coin like USDC and a mechanisms for frictionless payments (no fees) otherwise is still like buying pizza with bitcoin…
Such a mechanism would require coordination and acceptance across all states, not just Ohio or Wyoming;
But the intention is at least a step forward.
pcm2a on
We are sorry, BTC price dropped as you made your payment, you still owe 10%, with a penalty.
CrimsonFox99 on
Allows public pension funds to invest in crypto? Oh hell no.
Also, introducing a bill is a long way from it being signed into law.
MGoAzul on
Tbf this is dumb. BTC is not a means of commerce. Not when it’s worth 70k at 8a and 65k at 9a. Store of value is fine. Stablecoins for commerce is what’s logical. Anything else is performative.
evilfrosty on
Big deal. Louisiana took a bitcoin payment two weeks ago!
10 Comments
tldr; Ohio State Senator Niraj Antani introduced a bill to legalize Bitcoin and other cryptocurrencies for state and local tax payments. The legislation, introduced on September 30, aims to position Ohio as a leader in technological advancement and economic development. It also allows state universities and public pension funds to invest in cryptocurrencies. This move follows Ohio’s previous attempt in 2018 to accept crypto for taxes, which was halted due to regulatory issues. The bill seeks to encourage innovation and free enterprise in Ohio.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Crypto bros who don’t even know where Ohio is.
https://i.redd.it/6azn7fdzlzrd1.gif
We got Ohio proposing bills to legalize crypto for taxes before GTA 6
Payments don’t need to be ‘legalized’, they just need to be accepted. Does my business ‘legalize’ apple pay, if we add it to our payment types ?
I don’t think our regulators have a grasp on how crypto works.
‘Bitcoin’ is not meant for payments as stated in the bill, most likely there should be a stable coin like USDC and a mechanisms for frictionless payments (no fees) otherwise is still like buying pizza with bitcoin…
Such a mechanism would require coordination and acceptance across all states, not just Ohio or Wyoming;
But the intention is at least a step forward.
We are sorry, BTC price dropped as you made your payment, you still owe 10%, with a penalty.
Allows public pension funds to invest in crypto? Oh hell no.
Also, introducing a bill is a long way from it being signed into law.
Tbf this is dumb. BTC is not a means of commerce. Not when it’s worth 70k at 8a and 65k at 9a. Store of value is fine. Stablecoins for commerce is what’s logical. Anything else is performative.
Big deal. Louisiana took a bitcoin payment two weeks ago!
Awesome news! This is the way.