As a seasoned crypto investor with a keen eye for regulatory developments, I find Ohio Senator Niraj Antani’s latest bill to be a promising step forward in the mainstream adoption of cryptocurrencies. Having witnessed the volatility and potential of this burgeoning asset class, I can’t help but feel a sense of validation seeing such progressive legislation being proposed.
If a proposed law by Senator Niraj Antani gets approved, Ohio might start accepting Bitcoin and similar digital currencies as a form of payment for taxes in the near future.
On September 30, Ohio State Senator Niraj Antani put forward a bill that aims to enable Ohio taxpayers to pay their taxes using Bitcoin (BTC) and other digital currencies. If passed, this legislation would require state and local authorities in Ohio to accept cryptocurrency as a valid payment option for taxes.
In today’s 21st-century economic landscape, cryptocurrency is not merely a vision for the future, but an integral part of it. To foster creativity and nurture entrepreneurship within Ohio, it would be beneficial to make the usage of cryptocurrencies as commonplace as possible.
Ohio Senator Niraj Antani
This is not the first time Ohio has considered Bitcoin as a legal tax payment option.
In 2018, Ohio was the pioneer among U.S. states by allowing cryptocurrency payments for taxes. The drive behind this initiative came from then-Ohio State Treasurer, Josh Mandel.
However, the state suspended the Bitcoin tax payment service a year later.
In November 2019, the state ceased requiring cryptocurrency as a method for tax payments following guidance from the state’s attorney general. This was because accepting Bitcoin and cryptocurrencies for tax purposes required prior authorization from the State Board of Deposits.
Bill on state pension funds
Antani intends to get the legislature to pass a bill that will make it lawful for individuals to settle their state taxes and related charges by using cryptocurrencies, effectively legitimizing such transactions.
Beyond requiring states to accept tax payments in cryptocurrency, this new legislation also legalizes the option for pension funds and state universities to invest their resources in cryptocurrencies.
The Antani bill will be considered by the General Assembly of the State of Ohio.
The discussion around cryptocurrency is growing more important in the United States, gaining substantial focus as the election approaches.
The method adopted by the U.S. Securities and Exchange Commission (SEC), focusing more on enforcing regulations rather than creating new ones, has drawn significant critiques from various members of Congress. Recently, during a Congressional hearing about SEC supervision, its chair, Gary Gensler, faced criticism.
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2024-09-30 20:01