Ohio lets residents pay taxes with Bitcoin, but everyone’s HODLing

Bitcoin US

The US state of Ohio made global headlines when it announced residents would be able to pay taxes using Bitcoin, but now it’s been revealed very few people have taken up the option.

Ohio’s State Treasurer, Robert Sprague, told reporters at a press conference in Columbus this week, just two tax bills have been paid using Bitcoin since the option was introduced in December last year.

It now appears the lack of interest, or a possible state-wide penchant for Bitcoin HODLing could affect the future of the scheme.

“Were reviewing how (the Bitcoin payment option) might be either curtailed or might be expanded and what our counter-party risk is with that vendor,” said Treasurer Sprague.

Micky reported on the introduction of the Bitcoin payment option in November last year.

The scheme was introduced under the previous Ohio State Treasurer, Josh Mandel, who at the time declared Bitcoin “a legitimate form of currency”.

The state listed six benefits of paying taxes in bitcoin:

  • Quick and easy
  • Low Fees
  • Real-time Blockchain Tracking
  • Blockchain Transparency
  • Security
  • Mobile payment option

Bitcoin payments company, BitPay, is contracted to facilitate the Bitcoin tax payment system.

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