Ohio to allow businesses to pay taxes with bitcoin

In this Dec. 8, 2017, file photo, coins are displayed next to a Bitcoin ATM in Hong Kong. (AP Photo/Kin Cheung, File)

COLUMBUS — Ohio is now accepting the cryptocurrency, bitcoin, for business tax payments including sales tax.

State Treasurer Josh Mandel's office announced Monday that businesses can sign up for the program through OhioCrypto.com .

Businesses will pay their taxes through a third-party processor called BitPay, which will convert the digital currency into dollars that go into the state's accounts.

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A 1 percent fee will be applied to each transaction.

Mandel says Ohio is the first state in the nation to accept tax payments via cryptocurrency. He says the new option will help Ohio become a leader in embracing blockchain technology.

OhioCrypto.com will be able to accept bitcoin for 23 different business taxes.

It's unclear how many businesses will pay with bitcoin, but Mandel says he has received positive feedback from some privately-owned companies.

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