Cryptocurrency

Chair

Gary

Read

Ohio could soon legally accept Bitcoin and other cryptocurrencies for taxes if a new bill by Senator Niraj Antani is enacted into law.
On September 30, Ohio State Senator Niraj Antani <a href="https://x.com/NirajAntani/status/1840745739283988761" target="_blank" rel="noopener noreferrer nofollow">introduced</a> a bill seeking to allow taxpayers in the state of Ohio to pay their taxes in Bitcoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/bitcoin/">BTC</a>) and other cryptocurrencies. The proposed legislation would mandate state and local governments to accept crypto as a payment method for taxes.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Cryptocurrency is not just the future, but it’s the present of our 21st century economy. If we want to encourage innovation and free enterprise in Ohio, we should do everything we can to normalize the use of cryptocurrencies,”
 Ohio Senator Niraj Antani
</blockquote>
This is not the first time Ohio has considered Bitcoin as a legal tax payment option.
Ohio became the first U.S. state to accept crypto for taxes in 2018, with then-State Treasurer Josh Mandel spearheading the initiative.
However, the state <a rel="noopener noreferrer nofollow" href="https://crypto.news/ohio-bitcoin-tax-payment-services/">suspended</a> the Bitcoin tax payment service a year later.
In Nov. 2019, the state dropped crypto as a mandated form of paying taxes after advice from the state’s attorney general that the decision to accept BTC and crypto for taxes needed approval from the State Board of Deposits.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/japans-fsa-to-reclassify-crypto-in-upcoming-rule-review-report/"> Japan’s FSA to reclassify crypto in upcoming rule review: report </a>
<h2 class="wp-block-heading" id="bill-on-state-pension-funds">Bill on state pension funds</h2>
Antani’s plan is to have the legislature enact this bill into law, making it officially legal for anyone to pay their state taxes and other fees using cryptocurrencies.
In addition to mandating the state to accept taxes in crypto, the new bill will make it legal for <a rel="noopener noreferrer nofollow" href="https://crypto.news/michigan-adds-6-6m-in-bitcoin-etfs-to-pension-fund/">pension funds</a> and state universities to invest in crypto.
The Antani bill will be considered by the General Assembly of the State of Ohio.
Cryptocurrency has increasingly become a key issue in the U.S., with the topic commanding significant attention amid the upcoming election.
The approach by the U.S. Securities and Exchange Commission, which has emphasized regulation by enforcement, has attracted criticism across Congress. SEC Chair Gary Gensler <a rel="noopener noreferrer nofollow" href="https://crypto.news/reps-grill-gensler-and-rogue-sec-on-crypto-oversight/">came under fire</a> during a recent Congressional hearing on SEC oversight.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/republicans-introduce-bill-forcing-gary-gensler-to-testify-biannually/"> Republicans introduce bill forcing Gary Gensler to testify biannually </a>

Ohio Senator pushes bill to enable crypto tax payments

Table of Contents

crypto.news

Other articles published on Sep 30, 2024

Crypto Whales Are Accumulating These 5 Altcoins During the Market Dip—Experts Predict Massive 500...

Will Shiba Inu (SHIB) Add Another Zero After This?

Nvidia CEO Jensen Huang says more AI is what will effectively fight AI abuse

Top Crypto Gainers Today Sep 30 – Artrade, Mina Protocol, Enjin Coin, Coti

BitRiver Operates 15 Data Centers with Over 500 MW Capacity

Coinpedia Fintech News

Join our free newsletter for daily crypto updates!