Ohio Suspends Bitcoin Tax Payment Services | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
A Short-Lived Affair
Ohio’s love affair with the premier cryptocurrency didn’t last particularly long as on October 2, 2019, the state’s Treasurer, Robert Sprague, stated that Ohio was shutting down its bitcoin payment portal OhioCrypto.com that allowed business enterprises to pay their taxes with digital currency. Sprague added that after an internal review, it came to light that an official approval by the Board of Deposit was required before Ohio could launch any such website.
Interestingly, the buck doesn’t stop here as the State Board of Deposit has asked Attorney General Dave Yost to investigate as to how exactly was the cryptocurrency payment portal set up. Yost has also been given the responsibility of determining whether BitPay – a popular crypto payments processing platform in charge of the service – constituted a “financial transaction device.”
Should Yost come to an affirmative conclusion, then according to state laws, the third-party service provider firm should have been selected under a competitive selection process. Sprague said:
“It is vital that Ohio explores innovative, new technologies and processes that continue to drive Ohio into the future. However, we must make sure any new processes that are implemented, such as OhioCrypto.com, are established in accordance with Ohio law.”
“As Ohio Treasurer, it’s my job to provide trusted stewardship and protection of Ohio’s tax dollars,