Ohio State Senator Niraj Antani has introduced legislation that would once again allow Ohioans to pay state and local taxes using cryptocurrency. The bill aims to reverse a situation where, despite a 2018 initiative to accept cryptocurrencies for tax payments, the State Board of Deposits has failed to take the necessary action to implement the policy.
There Was A Similar Bitcoin Initiative In The State Before
Senator Antani, who describes himself as the “most pro-cryptocurrency Member of the Ohio Senate,” argues that accepting cryptocurrency for taxes is not only forward-thinking but also essential for fostering innovation and free enterprise within the state. “Cryptocurrency is not just the future, but it’s the present of our 21st century economy,” he stated in a press release. “By allowing Ohioans to pay their taxes and fees with cryptocurrency, we will be on the cutting edge.”
Ohio briefly became the first state to accept cryptocurrency for taxes in November 2018 under the leadership of then-State Treasurer Josh Mandel. However, this initiative stalled in November 2019 when the Ohio Attorney General advised that the State Board of Deposits needed to approve the measure before implementation. The Board has yet to act, prompting Senator Antani’s legislative intervention.
“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,” Senator Antani added. “This policy should have been acted on by the State Board of Deposits when it was deemed necessary. Since they have failed to act, the legislature will.”
The proposed legislation seeks to bypass the State Board of Deposits and explicitly authorize the acceptance of cryptocurrency for tax payments, potentially putting Ohio back at the forefront of cryptocurrency adoption among state governments.
