In a latest development, Niraj Antani, a State Senator in Ohio, has introduced a Bill that, if passed, would legalize crypto payments in the State. With a few months to the Presidential election, it remains unknown how State lawmakers will approach this new Bill and proposal.
“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,” the senator shared.
Sen Antani emphasized “Cryptocurrency is not just the future, but it’s the present of our 21st century economy. He emphasized that if we want to encourage innovation and free enterprise in Ohio, we should do everything we can to normalize these use of cryptocurrencies. By allowing Ohioans to pay their taxes and fees with cryptocurrency, we will be on the cutting edge.”
Notably, In November 2018, under the leadership of then-State Treasurer Josh Mandel, Ohio became the first state in the nation to accept cryptocurrencies for taxes. However, in November 2019, the Ohio Attorney General advised that in order for this to occur, the State Board of Deposits must approve this. However, the State Board of Deposits failed to act to approve cryptocurrencies to be accepted for taxes.
If passed, this Bill from Sen Antani will restore the original plan of an executive move from State Treasurer Josh Mandel that approved crypto for tax payments in 2018 and will position Ohio among some of the most crypto-centric states in the country. Besides the crypto payments aspect of the Bill, Universities and State Pension boards may also invest in the market.
Like the Ohio crypto payments bill, State pension boards are also warming up to spot Bitcoin ETF products. The crypto adoption race is growing in the United States. Many businesses are joining the growing list of firms now accepting Bitcoin as a valid means of payment.
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