US State of Ohio Could Accept Crypto for Tax Payments

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An Ohio state senator, Niraj Antani, has proposed a bill that would mandate the acceptance of cryptocurrency by the state for the payment of taxes and fees.

Additionally, this legislation would give state universities and the state pension fund the option to invest in cryptocurrency.

The bill, introduced on Sept. 30, would require the state tax commissioner to determine which cryptocurrencies would be accepted each year and announce them by June 30.

The law also states that the governmental entity may charge service fees for cryptocurrency transactions. There is an exception to the use of digital currency, as the bill explicitly states that central bank digital currency (CBDC) does not fall under the definition of cryptocurrency.

The range of accepted cryptocurrencies may also be limited by the law’s definition of them, which specifies that it must have a stable value relative to a fixed amount of monetary value.