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News

Ohio Crypto Bill Now Advancing to Approve Bitcoin Tax

September 30, 2024 - Around 2 mins mins to read

Key Points:

  • Ohio Senator Niraj Antani introduced a bill to legalize cryptocurrency payments, including Bitcoin, for state and local taxes.
  • The Ohio crypto bill aims to offer more payment options for residents and could position the state as a leader in digital currency innovation.
Ohio State Senator Niraj Antani filed a bill that could make cryptocurrency a legal mode of payment for taxes, among other services, in the state.
Ohio Crypto Bill Now Advancing to Approve Bitcoin Tax

Read more: Ohio 712 Bitcoin Thief Faces 40 Years In Jail 

Ohio Crypto Bill Aims to Legalize Use of Cryptocurrency for Tax Payments

The Ohio crypto bill was filed on September 30 and would let Ohio’s state and local governments accept digital currencies, such as Bitcoin, as one form of payment for state and local taxes. If adopted, the legislation will make Ohio among the first states to officially incorporate cryptocurrency into their ways of paying tax.

This move comes after Ohio had previously tried to accept cryptocurrency for tax payments back in 2018 but afterwards stopped it the following year because of legal problems. Ohio crypto bill is covered state universities and pension funds, to be allowed to invest in cryptocurrencies.

Antani believes the proposed law will further give Ohioans more leeway when it comes to paying their taxes than has been traditionally done: by cash, check, or credit card. In addition, by bringing in Bitcoin, technology-savvy individuals and companies might make Ohio competitive nationally by leading by example.

Crypto Lobbyists Pour Millions into Ohio Senate Race Amid Policy Debates

Proponents of Bitcoin claim that digital currency offers a number of advantages in security, speed, and inflation protection in several different types of transactions. The Ohio crypto bill has more crypto enthusiasts paying attention because it is just one more way that digital currencies can be used. But there are more hurdles for the bill, which will need to work through the Ohio legislature, where it will be debated and possibly changed through amendments.

Cryptocurrency’s influence on Ohio politics barely stops at state policy. Crypto lobbyists and super PACs have spent millions trying to influence the outcome of Ohio’s U.S. Senate race between Republican Bernie Moren, a crypto-friendly candidate and incumbent Sherrod Brown, one of the more vocal critics of cryptocurrency.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Bitcoin

Crypto Tax

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Ohio Crypto Bill

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.