Bill to Permit Bitcoin Payment for Local Taxes Hits US State Senate

Senator Niraj Antani of Ohio State has presented a bill to permit Bitcoin payments for local taxes. 

This development came to life yesterday, September 30. The bill proposes that Ohio and its local political subdivisions accept crypto assets, like Bitcoin, as a valid form of payment for taxes and fees.

In a statement, Antani emphasized that if Ohio wants to promote free enterprise and tech innovation, the state should normalize the use of crypto assets. He stressed the significance of cryptocurrency in the modern economy, saying, “Cryptocurrency is not just the future, but it’s the present of our 21st-century economy.”

Ohio Historical Experimentation with Crypto Tax Payment

Ohio is no stranger to such initiatives. Back in November 2018, under the leadership of then-State Treasurer Josh Mandel, Ohio became the first state in the U.S. to accept cryptocurrencies for taxes. 

However, due to a lack of action by the State Board of Deposits following legal advice from the Ohio Attorney General in November 2019, the practice was halted. Senator Antani’s new bill seeks to bypass this roadblock and revive Ohio’s position as a leader in cryptocurrency adoption for public financial systems.

“Former State Treasurer Josh Mandel was a leader on cryptocurrency in 2018, and Ohioans have him to thank for being an early adopter of this innovation,” said Senator Antani. “Since the State Board of Deposits failed to act, the legislature will step in.”

State Universities and Pension Fund May Invest in Crypto

Additionally, the bill includes provisions that would allow state universities and pension funds to invest in cryptocurrencies if they choose to do so.

This new initiative comes as cryptocurrencies continue to gain mainstream acceptance. It also signals Ohio’s drive toward becoming a hub for financial innovation in the United States.

Crypto Community Reacts

Meanwhile, Senator Antani’s latest move to integrate crypto payments into the state’s affairs has stirred mixed reactions among crypto enthusiasts.

While some have praised the move as a sign of crypto adoption, others have raised significant concerns about potential money laundering through crypto. 

Some argue that no one is interested in selling their hard-earned crypto to pay the government. Others have even called Senator Antani’s move a mere publicity stunt.