Bitcoin and Taxes
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Quick Take
- Ohio’s attempt to accept allow tax payment via BitPay was launched to much acclaim in November 2018.
- A year later, the program was paused for legal reasons and only 10 people had used it.
- The Ohio Attorney General has held that the payment platform was a “financial transaction device” and as such should have followed statutory procurement procedures, as opposed to the grant of the contract to BitPay, placing the platform on permanent pause for now.
Like it or not, one of the basic challenges with the use of cryptocurrency for payments — as opposed to speculation an investment — is that businesses have to accept it. If it’s not easy for businesses and consumers to use, they won’t. It’s simple. So it was big news among crypto fans when last […]
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