Ohio state senator Niraj Antani has introduced a bill to require the state to accept cryptocurrency for payment of state taxes and fees. The legislation would also allow state institutions and pension funds to invest in digital assets.
Bill to Accept Cryptocurrency for Tax Payments
Under the bill, the state tax commissioner would decide which cryptocurrencies would be accepted each year by June 30. The legislation also notes that governmental entities may require the payer to cover any service fees associated with cryptocurrency transactions.
State-Level Regulation
A bill to exclude CBDC from being treated as money under the Ohio Uniform Commercial Code is currently before the Ohio House. Another bill aims to protect the cryptocurrency mining industry, among other things.
Historical Context and Comments
Antani highlighted that Ohio was the first state to accept cryptocurrency for tax payments in 2018. However, the state attorney general required approval from the State Board of Deposits, which was never obtained. 'This policy should have been acted on by the State Board of Deposits when it was deemed necessary. Since they have failed to act, the legislature will,' Antani said.
If passed, Ohio could join Colorado, which is currently the only state accepting tax payments in cryptocurrency.
