Ohio Senator proposes bill to allow Bitcoin, crypto payments for state taxes

Ohio State Senator Niraj Antani has introduced groundbreaking legislation that could make Ohio one of the first states to embrace cryptocurrency for state payments fully.

The bill, proposed on September 30, 2024, seeks to allow Ohio residents to pay their state taxes, fees, and other local government obligations using digital assets like Bitcoin (BTC), marking a significant step toward integrating crypto into everyday government transactions.

Antani’s push for this legislation positions Ohio at the forefront of technological innovation and economic development in the U.S.

He emphasized the importance of cryptocurrency as a driving force in today’s economy, stating, “Cryptocurrency is not just the future, but it’s the present of our 21st-century economy. We must encourage innovation and free enterprise in Ohio.”

Beyond enabling crypto for tax payments, the bill also opens up opportunities for state universities and public pension funds to invest in cryptocurrencies, offering these institutions greater flexibility in managing their finances.

This move could attract a wave of innovation and new investment opportunities in Ohio’s public sectors.

This is not Ohio’s first venture into crypto. In 2018, under then-State Treasurer Josh Mandel, Ohio became the first state to allow Bitcoin for tax payments. 

However, the program was halted a year later when the Ohio Attorney General ruled that the State Board of Deposits had not formally approved the policy. 

Antani’s bill aims to address that oversight by taking legislative action to push the state forward in the adoption of cryptocurrency.

Antani’s proposal comes at a time when several other U.S. states are exploring similar initiatives. Colorado began accepting crypto for taxes in 2022, and states like Wyoming and Arizona are pushing pro-crypto legislation, though progress has been slow.

While Arizona faced constitutional hurdles in attempting to make Bitcoin legal tender for taxes, Wyoming has been successful in creating crypto-friendly policies. Louisiana has also jumped on board, starting to accept crypto payments for some state services.

If Antani’s bill passes, Ohio could become a leader in the adoption of crypto for state payments, reigniting interest in cryptocurrency-backed government transactions across the nation.