Bitcoin payment is now at the state level.
In the state of Ohio, a draft law that allows to pay taxes with cryptocurrency came into force. This is the first state in the USA to take such a big step to meet digital gold. Of course, this is not yet the recognition of bitcoin as an official means of payment, but the Americans are on the right track. On the example of Japan, we can see how this has a positive impact on the country as a whole.
The good news came just in time when the world’s largest cryptocurrency is getting cheaper. This fact gives bitcoin a good support.
The idea belongs to and pushed by the main treasurer of the state of Ohio – Josh Mandel. His project enables local companies to make payments for their taxes in bitcoins and opens up new ways for crypto-enthusiasts. The official wants the cryptocurrency to stop being associated with something bad and benefit the state.
This is a great news for his state, because an additional opportunity to spend bitcoins attracts money from leaders of promising directions, which can make Ohio look like silicon valley. In his interview, Mandela shared information that the companies themselves are interested in this. It seems that many people will be happy to pay taxes this way. Those wishing need only a little help, and that is made by the government. For investors, Bitcoin payment has also been a turning point in history. This means that the world is getting closer to the moment when cryptocurrencies will become a familiar part of everyday life of every person.
With less success, things are going in other States – Georgia, Arizona and Illinois. They worked on the introduction of payments by means of bitcoin, but have not yet adopted the necessary draft law.
As we can see – the USA is not in vain called the country of opportunities. Now companies have this opportunity, and in the near future all individuals will have it.
How to pay with Bitcoin?
Organizations wishing to participate in the new program, in order to pay taxes you need to go to a special website. And then fill in all the necessary tax details such as the payment amount, tax period, the corresponding amount and your wallet details.
It is important to understand that the draft law does not make bitcoin a full currency. The scheme of tax collection works through the service of cryptocurrency payments BitPay. So the cryptocurrency does not go directly to the treasury, but is converted at the rate set within fifteen minutes from the moment of payment. At the same time – all possible differences are conciliated by the intermediary.
The first three months there are no transaction fees, and later the fees will be at 1%. This is more profitable than, for example, payments by the same credit card.