Ohio State Senator Niraj Antani has introduced a new bill proposing the acceptance of cryptocurrencies for tax payments and other dues.
New Cryptocurrency Bill
Niraj Antani noted that the bill seeks to incorporate cryptocurrency into the Ohio tax system reflecting the evolving nature of finance and technology. He stated that to encourage progress and help free enterprise succeed within the borders of Ohio, the legal environment for digital currencies has to be institutionalized. The legislation is intended to enable the people of Ohio to discharge their tax and fee responsibilities through digital assets.
Expanding Past Initiatives
The bill builds on the earlier effort made in November 2018 when Ohio became the first state in U.S. history to allow taxes to be paid using cryptocurrencies under the then State Treasurer Josh Mandel. However, this plan was abandoned in November 2019, after the Attorney General of Ohio asserted that for the policy to be implemented, the State Board of Deposits had to approve it. Since then, the board has not considered this proposal and thereby suspended any possibility of accepting cryptocurrency for taxes. Senator Antani expressed displeasure over the lack of progress in formalizing the cryptocurrency policy. He stated that the board must have acted when the necessity of the policy arose and said that since it had not the legislature would take charge. The proposed bill attempts to address the standstill by mandating the adoption of cryptocurrency for taxes at both state and local levels.
Cryptocurrency Investments for Public Funds
In addition to allowing Ohioans to pay their taxes in cryptocurrency, the bill proposed by Antani also contains a provision that allows state colleges, universities and pension funds to engage in digital currency investments. This aspect of the bill marks a wider approach to the adoption of cryptocurrency, indicating how public institutions in Ohio may use these new emerging technologies. If the bill is passed, it will allow these institutions to invest their resources in cryptocurrencies, thus bringing a new dimension to the state investment plans. Antani praised Josh Mandel for being one of the first to embrace cryptocurrency and highlighted the importance of Ohio remaining competitive. He pointed out that Mandel was at the forefront of cryptocurrency in 2018 and that the citizens of Ohio can attribute their early adoption of such innovation to him. Therefore, with the passage of the new bill, Antani intends to continue and grow that legacy and keep up with others in the adoption of digital financial tools.
The proposed bill could significantly change Ohio's financial policy, integrating cryptocurrency into governmental and educational processes, reflecting changes in the finance and technology sectors.
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