Ohio has become the first state to accept tax payments in Cryptocurrencies. In a press release Josh Mandel, Ohio Treasurer said that the payment option will provide the locals with more alternatives for tax payment. He added that the state’s leadership has a strong support for blockchain technology.
Tax Payments In Bitcoins
The new service will be available on OhioCrypto.com, a new service launched by Mandel. For now, those wishing to use the new tax payment method can only use Bitcoin as it is the only Cryptocurrency that is supported. BitPay will be the one responsible for processing all payments. The users will only be required to pay a “minimal fee” to enjoy this new service.
The new tax payment method is expected to give the Ohioans an opportunity to enjoy the benefits linked to Cryptocurrencies and blockchain technology. OhioCrypto.com will provide the residents with real-time tracking and offer transparency. This means anyone will now be able to view all the transactions unlike in the current system.
Mandel made it clear the state will not store any of the Cryptos. Instead, for any tax payment made in Crypto on OhioCrypto.com, the Treasurer’s Office will convert it immediately to dollars and then deposit in the state account. It is still early to say whether other states will follow Ohio in embracing the new technology. Furthermore, it is also early to analyze how the locals have taken the new move.
Ohio To Host A Major Blockchain Summit
The introduction of the Crypto payment method has come at a time when the state is about to host the Blockland Solutions Conference. The conference is a Bernie Moreno’s Blockland Initiative that intends to make the region an important technological hub. It is expected that those who will attend the conference will get a chance to see the real-world application of blockchain and Cryptocurrency. Furthermore, the conference will expose the attendees to the Crypto-friendliness of the state and this will probably encourage more Crypto and blockchain-based firms to move to the state.
XRP Back On Coincheck Again
It’s exactly 10 months since Crypto traders traded XRP on Coincheck. However, the exchange said that XRC and FCT trading pairs will now be available on the exchange from November 26, 2018. In a statement on its website, the exchange clarified that sales and deposits of the two tokens will now be available. President Toshihiko Katsuya, the exchanges leader signed the statement.
On January 26, 2018, the Japanese exchange was attacked forcing it to suspend its services. However, the Crypto trading platform has been trying to bring back its services. Apart from XRP and FCT, there are now another seven altcoins available on the exchange. They include NEM, Lisk, Ethereum Classic, Litecoin, Ethereum, Bitcoin Cash, and Bitcoin.
The exchange has already informed its customers that due to increased traffic, it may be hard to access the website sometimes. Furthermore, the exchange has said that it may suspend any transaction without prior notice in case of sharp transaction volumes. For the better part of this year, it has been unclear whether the exchange will resume its services and it is great to hear it is back.