Ohio Promotes Acceptance of Cryptocurrency Payments for State Government Fees

BlockBeats News, September 25th, the Ohio State Board of Deposit has unanimously approved the selection of a vendor to process cryptocurrency payments (including Bitcoin) for paying state government fees and services. This is the latest move in the state's incorporation of cryptocurrency into the public finance system.

“My office processes tens of thousands of transactions each year, and I applaud the board for taking bold action to put us at the forefront of the emerging digital economy,” Ohio Secretary of State Frank LaRose wrote on Twitter Wednesday. This approval marks the culmination of months of effort since April of this year. At that time, LaRose and State Treasurer Robert Sprague advocated for the board to authorize accepting cryptocurrency payments. The proposal was unanimously passed in May but required final vendor approval, a key step completed on Wednesday.

In a statement, LaRose said, “We are in the top five states in the nation to do business because we embrace tools, trends, and technologies that attract entrepreneurs.” The Secretary of State noted that his office processes tens of thousands of transactions annually and has heard “increasing demand for cryptocurrency payment options.” “I'm excited and prepared to be the first state government office to offer this service to customers,” he added.

Following the passage of House Bill 116 in the Ohio House of Representatives last week (providing a partial tax exemption for cryptocurrency holders), State Representative Steve Demetriou (R-Ohio) stated that the next step is to establish a state Bitcoin reserve. Another bill, House Bill 18, known as the “Ohio Strategic Cryptocurrency Reserve Act,” will allow the State Treasurer to invest up to 10% of certain public funds in “high-value” cryptocurrencies.