Two companies have paid their taxes with cryptocurrency
Ohio became the first state to allow businesses to pay their taxes with crypto like a bitcoin. The crypto tax payments are made through a crypto platform that simply facilitates the exchange of crypt to fiat.
The program can be expanded or limited and examines potential counterparty risks with the seller. Ohio is actively trying to attract business-related to the blockchain.
When the state allowed businesses to pay tax with crypto
The state treasurer, Josh Mandel said the law “flagged” in Ohio with regard to the mass acceptance of Crypto. On Feb. 21, the State District Auditor’s Association announced the creation of a working group to look into the benefits of a blockchain with respect to real estate transactions and land ownership in several countries.
Earlier in December 2018
Ohio based funds have announced plans to invest more than $ 300 million in blockchain start launches in 2021, namely start-up companies that develop applications for local businesses, governments, social projects, and more.