1/23/2024 0 Comments Bitpay taxes![]() ![]() Though bitcoin can itself be volatile (in less than a year the price has seen fluctuations from a peak $19,500 in December 2017 to less than $4,000 now), that won’t affect Ohio’s tax revenue, since BitPay converts the cryptocurrency immediately upon receipt. “BitPay was started because we recognized the potential for blockchain to revolutionize the financial industry, making payments faster, more secure, and less expensive on a global scale,” said Jeremie Beaudry, Head of Compliance at BitPay, in a statement earlier this year. All transactions on the blockchain can be viewed by anyone. The payer is also responsible for a miner and network fee, but that goes through their own bitcoin wallet.īitPay also says blockchain can reduce payment fraud while improving transparency. Credit and debit card processing often initiates a heavy fee burden, whereas BitPay will charge a mere 1 percent transaction fee (after a three-month introductory period of zero fees). The state Treasury has indicated they would like to expand the program to consumers at a later date.īitPay representatives lay out the benefits of paying by cryptocurrency. Unlike Seminole County, where residents can pay property taxes, driver license and ID card fees, and tag and title fees with bitcoin, the Ohio program is limited to businesses paying taxes. This past May, they helped Seminole County, Florida, become the first-ever government entity to accept bitcoin payment. Though Ohio is the first state government offering this option, BitPay has worked in this capacity with public officials before. The Ohio Treasury therefore never has to actually touch the digital currency. Similarly, on, any tax payments made through the site will be immediately converted by BitPay into USD, and then deposited into the state’s coffers. The real-time blockchain transaction is facilitated by Atlanta-based BitPay.īitPay is one of the first and the largest cryptocurrency payment processor worldwide. Their technologies allow consumers to spend and save cryptocurrency, and businesses to accept it as payment in real-time. Ohio has become the first state to accept bitcoin tax payments, through a platform called. state has begun using cryptocurre ncy to help facilitate tax collection, rather than complicating it. ![]() There are 23 different types of business taxes eligible for payment on, including the Commercial Activity Tax, Pass-Through Entity Tax, Non-Resident Motor Vehicle Sales Tax and Streamlined Sales Tax.There’s been lots of questions around how the government should deal with taxing cryptocurrency income and assets - are they a commodity? A security? Can you be unknowingly convicted of tax evasion?īut as of this week, one U.S. The cryptocurrency payment option is just the newest means. Ohio already gives businesses a number of ways to make tax payments, including through ACH credit, ACH debit, check and money order. This vision is at the forefront of moving blockchain payments into mainstream adoption.” “With BitPay, Ohio can leverage blockchain technology and benefit from reduced risk and identity fraud as well as enabling quick and easy payments from any device anywhere in the world and get paid in dollars. “The State of Ohio is the first major government entity offering its citizens the option to pay with cryptocurrency,” said BitPay CEO Stephen Pair in a statement. dollars by BitPay before they’re deposited in a state account. Any payments made through are immediately converted into U.S. The Treasurer’s office won’t be holding any cryptocurrency funds itself. “We’re doing this to provide Ohioans more options and ease in paying their taxes and also to project Ohio’s leadership in embracing blockchain technology.” “We are proud to make Ohio the first state in the nation to accept tax payments via cryptocurrency,” Mandel said in a statement.
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