Gairika Mitra
Ohio State Senator Niraj Antani (R-Miamisburg) introduced a bill on Monday that would require the state and all local political subdivisions to accept cryptocurrency as a form of payment for taxes and fees. This initiative for crypto tax payments aims to position Ohio at the forefront of the 21st-century economy by normalizing the use of digital currencies such as Bitcoin.
The Senator made the announcement on X.
TODAY: I introduced a bill the legalize the use of cryptocurrency to pay state and local taxes and fees. Cryptocurrency is not just the future — it’s the present. I’m proud to be the most pro-cryptocurrency Member of the Ohio Senate. READ: pic.twitter.com/9lpYdkoGWT
— Niraj Antani (@NirajAntani) September 30, 2024
The bill, introduced on September 30, 2024, seeks to revive a policy initially championed by former State Treasurer Josh Mandel in 2018. Ohio made history as the first state to accept cryptocurrencies for tax payments under Mandel’s leadership. However, this initiative stalled when the State Board of Deposits failed to approve the measure, despite an advisory from the Ohio Attorney General deeming it necessary.
Senator Antani emphasized that cryptocurrency is not just a future trend but a present reality in today’s economy. “If we want to encourage innovation and free enterprise in Ohio, we should do everything we can to normalize the use of cryptocurrencies,” Sen. Antani stated. The bill also includes provisions allowing state universities and pension funds to invest in cryptocurrencies if they choose to do so.
By accepting crypto tax payments, Ohio would be on the “cutting edge” of financial innovation, according to Sen. Antani. This move could attract tech-savvy businesses and individuals to the state, fostering economic growth and technological advancement. Additionally, it sends a clear signal that Ohio is open to embracing new technologies and forward-thinking policies.
Louisiana Embraces Bitcoin, Bhutan Becomes a Major Global Bitcoin Holder
Besides Ohio, Louisiana officially joined the ranks of U.S. states accepting Bitcoin for government services.
State Treasurer John Fleming announced that residents can now use Bitcoin, the Bitcoin Lightning Network, and USD Coin for payments. The Louisiana Department of Wildlife and Fisheries made history by processing the state’s first cryptocurrency payment via the Lightning Network.
Additionally, Bhutan has become the fourth-largest sovereign holder of Bitcoin globally.
Despite its small population of under one million, Bhutan reportedly holds more than 13,000 Bitcoin, valued at over $750 million as of today. This places Bhutan behind only the U.S., China, and the U.K. in terms of Bitcoin holdings, surpassing El Salvador, which previously held the fourth spot. The nation has built its Bitcoin reserves through mining rather than buying Bitcoin on the open market.
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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
