Ohio suspends payment of business taxes using bitcoin
Ohio Treasurer Robert Sprague (sprayg) has suspended a program that allowed the use of cryptocurrency, bitcoin, for business tax payments.
COLUMBUS, Ohio (AP) - Ohio Treasurer Robert Sprague (sprayg) has suspended a program that allowed the use of cryptocurrency, bitcoin, for business tax payments.
Sprague, a Republican, said an internal review determined the third-party payment processor for the OhioCrypto.com website, BitPay, may be functioning as a “financial transaction device.” If so, the company should have been chosen through the competitive selection process.
The Board of Deposit asked Ohio Attorney General Dave Yost on Wednesday for a formal opinion on the matter.
Then-Treasurer Josh Mandel (man-DEHL') launched the program in November, just before leaving office. Messages were left with Mandel and BitPay Wednesday.
Mandel, a Republican, said at the time that Ohio was the first state to accept tax payments via cryptocurrency and that it would help Ohio become a leader in embracing blockchain technology.
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