According to a recent Forbes article, Ohio has become the first state in the nation to allow taxpayers to utilize cryptocurrency to pay for their tax burden. Currently, only businesses are allowed to use the payment portal, OhioCrypto.com, though the program is expected to be expanded to individuals, as well.
“What’s important about this first-in-the-nation program is that the State of Ohio is taking our industry out of the shadows. The fact that the state is accepting tax payments in cryptocurrency is validation that opponents like Brad Sherman are just plain wrong. The legitimate uses for cryptocurrencies as a payment vehicle are, almost literally, endless, and our community should be grateful that Josh Mandel has taken this bold step to mainstream an industry poised for long-term growth,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading technology that powers global equities, derivatives, and cryptocurrency exchanges.
In his own statement, Mandel noted that the move was, in addition to offering Ohioans another method to pay taxes, meant to showcase the state’s “leadership in embracing blockchain technology.” Businesses may utilize cryptocurrency to make payments on 23 business-related taxes without transaction limits. Then, those crypto funds are converted to dollars and deposited by the state.
“We’ve long celebrated Malta as a leader on blockchain technologies. It shouldn’t be ignored that Mandel wants to offer leadership in this area. While many politicians haven’t the expertise in this arena to make big moves, a state treasurer’s willingness to move the football is impressive, and the cryptocurrency community should embrace Mandel’s willingness to engage with us. It is only through collaboration and cooperation that our industry will truly recognize its full potential,” noted Gardner.
Earlier this year, Modulus introduced its proprietary Surveillance & Risk Management Solution, which utilizes machine learning to identify and, ultimately, enable cryptocurrency exchange administrators to bring an end to market manipulation, abusive trading behavior, and money laundering. “We’ve long been advocates of smart regulation, and the best way to prove a public good to politicians is to create an infrastructure that stymies would-be crypto-criminals before they can strike. We hope that will help ease the transition towards regulation, which will ultimately make our industry more competitive, transparent, and successful,” noted Gardner.