Cryptocurrencies could be used to pay state taxes in the future
Cryptocurrency has been around for years now but a new Ohio Bill would allow the asset to be used to pay taxes and fees.
Ohio State Senator Sandra O'Brien introduced SB 57 on Tuesday, which would pave the way for a Bitcoin Reserve Fund.
"So Ohioans would be able to pay their taxes or fees in crypto, and then they donate it to the Ohio Bitcoin Reserve Fund.", said O'Brien.
In addition to security measures that would protect these investments.
"I believe it will help Ohio handle this massive inflation from the all the federal government money that's been doled out in the past.", the 32nd District representative added.
It also aligns with the stance of other political leaders like President Donald Trump.
One crypto currency expert tells although it's a great investment, he'd prefer to use the paper over the the VC for any expenses of that nature.
"I look at Bitcoin as a stored value and crypto in general is a stored value because it can go up. It's like a stock. Do you want to pay for your Starbucks coffee in Apple stock or do you want to use your dollars. I want to use my dollars right? That Apple stock, that's for my future.", said Zach Humphries, a crypto content creator.
However, someone who has been stockpiling Bitcoin for a long time may opt to use the VC for day-to-day expenses.
Both Humphries and the state senator don't believe it's the ceiling for Bitcoin either.
"It will be interesting if you could basically start using it as collateral if you will. I think that's one of the next phases of Bitcoin really being adopted.", Humphries explained.
As of this writing, Senate Bill 57 sits in front of the senate committee, it will need to pass both chambers before heading to Governor Mike Dewine's desk for signature.