Good news, Buckeye State: The taxman will take your state business taxes in bitcoin (BTC).

This will make Ohio the first U.S. state to go the crypto route, according to Cincinnati.com. The state has already set up a website, OhioCrypto.com, that will enable businesses to pay 23 different taxes using the digital currency.

For now individual tax payers can’t pay in bitcoin. The state treasurer’s office said that could change, although it didn’t provide a timetable.

The business taxes apply to cigarettes and tobacco products, different types of energy usage, permitting, insurance and severance. To opt in, companies must register via OhioCrypto and then pay through the state’s third-party payment processor BitPay, which converts bitcoin into dollars and deposits the money in state accounts. Transactions will take one to three days to process.

Be aware, however, there is a 1 percent charge on bitcoin transactions. Ohio charges 2.5 percent when businesses use credit cards to pay taxes.

ThirtyK Staff
If you would like to contact the ThirtyK News Brief team, please email us at contact@thirtyk.com.