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State Treasurer Robert Sprague and Secretary of State Frank LaRose are spearheading the initiative, aiming to make crypto a more mainstream method of payment. Although Ohio first experimented with Bitcoin for taxes in the last decade, the program was shut down in 2019.
“My office is prepared to be the first in state government to begin accepting Bitcoin,” Sprague announced. The plan would enable Ohioans to pay using digital currencies, potentially offering more flexibility and investment incentives.
Understanding Cryptocurrency
Cryptocurrency is a peer-to-peer digital currency that operates outside of traditional central authorities. Business professor Michael Goldberg explains that these coins are stored on a blockchain, a secure online database. Like stocks, cryptocurrencies can be bought, sold, and traded — and their value fluctuates dramatically. As of Friday, one Bitcoin was worth more than $95,000.
However, experts caution that the extreme volatility of crypto could create major challenges. Payments could be difficult to calculate, and sudden shifts in value could impact state revenues.
Concerns About Stability and Ethics
Government accountability advocate Catherine Turser warns against the risks, pointing out that hacking and rapid devaluation could jeopardize Ohio’s finances. “Anything could happen to it,” Turser said, noting the potential for significant losses.
Ethical concerns have also been raised. LaRose admitted to owning around $10,000 in Bitcoin, prompting worries that promoting crypto could create conflicts of interest. Others, like former President Donald Trump, have openly profited from cryptocurrency ventures, further fueling skepticism.
Despite these warnings, LaRose maintains that Ohioans are embracing digital currencies, and the state should evolve alongside them. The Board of Deposit is set to review the proposal in the coming months.
The post Ohio Leaders Propose Cryptocurrency for Tax Payments appeared first on Coindoo.
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