- Ohio Senator Niraj Antani has introduced a bill to allow state and local taxes to be paid in Bitcoin and other cryptocurrencies.
- The bill would create a new avenue for state financial obligations and could increase crypto adoption in Ohio.
- If passed, Ohio would become one of the first states to officially accept cryptocurrencies as payment for taxes and fees.
Ohio Senator Niraj Antani has introduced a bill that would allow state and local taxes to be paid using Bitcoin and other cryptocurrencies. This legislation could be a gamechanger for crypto adoption in the state.
Background on Ohio’s Previous Attempt
In 2019, Ohio became the first state to accept cryptocurrency for tax payments. However, just a year later, the Ohio Attorney General ruled that the State Board of Deposit had to approve the policy first. This ruling stalled Ohio’s crypto adoption.
Details of Senator Antani’s New Legislation
On Monday, Senator Antani introduced a new bill to legalize cryptocurrency payments for state and local taxes and fees. The legislation comes five years after Ohio’s first attempt to accept crypto taxes.
Antani announced the bill on X, saying “Cryptocurrency is not just the future- its the present.” The bill would put Ohio at the forefront of digital asset adoption in the U.S.
Potential Impact of the Legislation
If passed, the bill would create a new avenue for Ohioans to pay their tax obligations. It could also drive further crypto adoption in the state by increasing exposure to Bitcoin and other digital tokens.
With Bitcoin surging in 2024, this legislation comes at an opportune time. It could cement Ohio’s status as a crypto-friendly state.
Conclusion
Senator Antani’s bill marks an important step forward for cryptocurrency. By allowing taxes to be paid in Bitcoin, Ohio could significantly expand crypto use cases and adoption. The coming months will determine if the legislation has enough support to become law.
