Ohio to Start Accepting Bitcoin Payments for Tax Bills: Report

The state of Ohio is reportedly set to become the first in the United States to start accepting bitcoin payments for tax bills, in what appears to be a move to support the flagship cryptocurrency as a payment method.

According to a report published by The Wall Street Journal, local businesses will have to register on the OhioCrypto.com website to be able to pay taxes with BTC. After registering, they’ll be able to pay their taxes in crypto, including sales and employee withholding taxes.

The move first came from state Treasurer Josh Mandel, who has been in the office since 2011 and reportedly gained an interest in cryptocurrencies “several years ago.” Mandel, according to the WSJ, believes the program will help Ohio stand out in crypto adoption. He was quoted as saying:

I do see [bitcoin] as a legitimate form of currency.

The report notes that the move won’t make bitcoin a legal currency in the state, but will, according to Coin Center director Jerry Brito, “help send a message that bitcoin’s a technology that can be used by anybody—by bad guys but also by the government.”

Tax bills paid for in bitcoin will see the money go to Atlanta-based cryptocurrency payments processor BitPay, which will convert the cryptocurrency to USD. While it isn’t clear how many businesses will be paying their taxes with BTC, Mandel noted some companies have asked to do so.

The move notably comes as bitcoin has one of the worst months in its history. According to CryptoCompare data, it has in the last two weeks lost roughly 40% of its value, after plummeting from around $6,400 to $3,700 at press time.

Other states in the US, including Georgia, Arizona, and Illinois, have considered bitcoin payments for taxes, but didn’t manage to implement them as the proposals stalled in their state legislatures. Mandel, per the report, claimed he can direct the office to accept bitcoin without the state legislatures’ approval.

Wyoming Governor Matt Mead has earlier this year loosened the state’s regulatory approach to make it attractive for blockchain-based firms. As CryptoGlobe covered other territories have made similar moves.

Notably Malta became known as the “blockchain island” after being the first country to establish a full regulatory framework for distributed ledger technology (DLT). Gibraltar has also taken a friendly approach, and saw 30 cryptocurrency firms, including Xapo, expand to it.

You Can Now Buy Crypto With Visa and Mastercard via Binance App for Android

Siamak Masnavi

On Thursday (April 25), Binance announced that its mobile app for Android now lets you buy with Mastercard or Visa some of the most popular cryptocurrencies that are listed on Binance.com.

According to Binance, this support for cryptocurrency purchases via debit/credit cards, which is possible as a result of the partnership with Fintech startup Simplex that was announced on January 31, is available in version 1.5.8.0 or higher of the "Binance - Cryptocurrency Exchange" app for Android.

Since January 31, it is has been possible to buy on the main Binance website (Binance.com) Bitcoin (BTC), Bitcoin Cash (BCHABC), Ether (ETH), Litecoin (LTC), and XRP using debit/credit cards (Mastercard and Visa). Then, on March 12, it became possible to do the same on Trust Wallet (Binance's official non-custodial wallet app). And now, the Binance app for Android joins the party by offering the same feature.

 

Here is what you need to do to buy crypto via debit/credit cards on the Binance app for Android:

  • Tap on the "Credit Card" button, which is the last button on the toolbar you see in the middle of the "Home" screen. This takes you to the "Buy Bitcoin" screen.

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  • On the "Buy Bitcoin" screen, you can choose from a dropdown list the cryptocurrency you want to buy (BTC, XRP, ETH, LTC, or BCHABC), specify the quantity of a particular cryptocurrency that you want to buy, and choose the fiat currency (USD or EUR) you want to pay with.

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  • You will then be shown the total amount (including the fee) that you will get charged if you go ahead with the purchase.

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  • Once you tap on the "Buy Now" button on this screen, you will be shown a "Confirm Your Order" screen.

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  • If you then tap on the "Accept, go to payment" button on the confirmation screen, you will be taken to the checkout screen on Simplex.com, where you will be asked to enter into a form your personal details (email, phone number, date of birth) and your card details.

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Here are a few things you should be aware of:

  • "The crypto amount quoted is based on the current rate and is not final. If the rate changes by more than +/-2.5% you will be asked to reconfirm the transaction via email from Simplex"
  • The fee is "3.5% per transaction or 10 USD, whichever is higher."

Featured Image Credit: Photo via Pixabay.com. Screenshot Images Courtesy of Binance