- Ohio could soon allow crypto payments for taxes and resume its 2018 crypto-friendly initiative if Senator Antani’s bill passes.
- The bill also allows state universities and pension funds to invest in cryptocurrencies, indicating broader adoption of cryptocurrencies in Ohio.
Ohio State Senator Niraj Antani has introduced a new bill that aims to legalize the use of cryptocurrencies to pay state and local taxes. As reported in a previous CNF update, Senator Vance of Ohio is known for his crypto-friendly stance in the past and could play a crucial role in enacting crypto-friendly policies if Trump wins the upcoming election.
With the presidential election just months away, it remains unclear how state lawmakers will respond to this proposal. If the proposal passes, Ohio would join the growing list of US states committed to cryptocurrency adoption.
In his tweet on his personal X account, Senator Antani shared the news on social media and highlighted the role of cryptocurrencies in the modern economy. He stated, “Cryptocurrency is not just the future – it is the present,” and expressed pride in being the most pro-cryptocurrency member of the Ohio Senate.
TODAY: I introduced a bill the legalize the use of cryptocurrency to pay state and local taxes and fees. Cryptocurrency is not just the future — it’s the present. I’m proud to be the most pro-cryptocurrency Member of the Ohio Senate. READ: pic.twitter.com/9lpYdkoGWT
— Niraj Antani (@NirajAntani) September 30, 2024
He even emphasized that allowing Ohioans to pay taxes and fees with cryptocurrencies would keep the state at the “leading edge” of innovation and free enterprise.
Restore Ohio’s Crypto-Friendly Heritage
This bill, if passed, would revive a 2018 initiative led by then-Treasurer Josh Mandel that made Ohio the first state to accept cryptocurrencies for tax payments. However, this plan was postponed in 2019 because the State Board of Deposits did not approve the use of cryptocurrencies for tax matters. Senator Antani’s proposal aims to restore that original step and position Ohio as a leader in crypto-friendly legislation.
In addition to allowing tax payments using cryptocurrencies, the bill also proposes allowing state universities and pension funds to invest in the crypto market. As businesses increasingly accept Bitcoin as a valid payment method, the race to adopt cryptocurrencies in the US continues to gain momentum.
As for the crypto market, according to CoinMarketCap data, Bitcoin (BTC) is trading today at 63.369,48 $ traded, with a decline von 3,59 % over the last day and an increasevon 0,10 % in the last week. Check out the BTC price chart below.