US STATE OF OHIO SUSPENDS SERVICE FOR PAYING TAXES WITH BITCOIN

Ohio Treasurer Robert Sprague announced the immediate suspension of the OhioCrypto.com website that allows businesses to pay taxes with Bitcoin (BTC). In a press release dated October 2, Sprague announced that the Board of Deposit’s permission was needed according to an inner assessment before Ohio introduced the website that permitted companies to pay digital currency taxes.

Robert Sprague , Ohio Treasurer

If yes, the firm should have been selected under a competitive selection process codified in state law. Sprague said that 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.

The website has since been taken down and redirects users to the Treasurer’s main site. Sprague stated that as Ohio Treasurer, it’s his job to provide trusted stewardship and protection of Ohio’s tax dollars, and to follow the laws of this state. Until a formal opinion is issued by the Attorney General, he feel it is prudent to suspend the website.

Sprague said in the 10 months since the website launched, fewer than 10 business have chosen to pay their taxes using cryptocurrency. He said he was unable to provide specifics on those payments because of confidentiality protections.

A “financial transaction device” is defined broadly under Ohio law to include a credit or debit card, an e-check entry, various automated financial transactions, such as internet-initiated or telephone-initiated applications _ “or any other device or method for making an electronic payment or transfer of funds.”

Other article: Bittrex

Source from : cointelegraph

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