Ohio has become the first state to allow businesses to use cryptocurrency – bitcoin, specifically – to pay their taxes. And the state doesn't plan to HODL, either. As soon as they receive it they will sell it off for US dollars. (With bitcoin plummeting over 40% over the last month, their decision not to HODL is a practical one.)
According to The Wall Street Journal, businesses can start registering this week on ohiocrypto.com for the chance to pay their taxes in bitcoin. And yes, it's only bitcoin — sorry ether fans.
"Under the leadership of Ohio Treasurer Josh Mandel, taxpayers are able to pay their state business taxes with cryptocurrency for the first time anywhere in America," explains the Ohio crypto website. "Ohio has become the first state in the United States, and one of the first governments in the world, to accept cryptocurrency."
So with bitcoin in a downward spiral and no plans to horde the cryptocurrency in hopes of a longterm gain, why would Ohio accept it in the first place? According to The Wall Street Journal:
The idea to accept the digital currency for taxes came from state Treasurer Josh Mandel, who has held the office since 2011 and started taking an interest in bitcoin several years ago. Mr. Mandel, 41 years old, views the new program both as a convenience for filers and an opportunity for “planting a flag” for Ohio in the currency’s adoption.
Image via Pexels
A report from Bitwise -- an investment firm lobbying for FEC approval for a cryptocurrency based exchange-traded fund -- found that 95% of the trading volume in Bitcoin was fake, ginned up through techniques like "wash trading" where a person buys and sells an asset at the same time.
Facebook is said to be developing a ‘stablecoin,’ which is a kind of digital currency pegged to the U.S. dollar.
“After Gerry’s death, Quadriga’s inventory of cryptocurrency has become unavailable and some of it may be lost,” said his widow.
The digital age is well and truly upon us, but let’s not forget there’s a load of free TV content floating literally over our heads. No, we’re not talking about the internet. Signals from major broadcast networks are still gratis for anyone who can pick them up with an antenna. And before you envision those […]
Who said LEGO® had to be ground bound? With The Force Flyers DIY Building Block Fly ‘n Drive Drone, you can turn LEGO® and other building-block creations into fully-functional flying machines. It’s available now in the Boing Boing Store for $39.99. This kit comes with everything you need for remote-controlled long distance flight, including a […]
When businesses need big cloud projects done right, they need experts in DevOps. For the uninitiated, that’s shorthand for the framework that allows development and operations teams to work together toward the same goal – not as independent departments with their own agendas. There’s an arsenal of software that has cropped up to help in […]