Ohio is the first state to accept bitcoin for tax bills.
Local businesses can register on OhioCrypto.com to pay for 23 types of taxes—everything from cigarette sales to employee withholding—with bitcoin.
The program, launched by state Treasurer Josh Mandel, will eventually expand to individual filers, according to The Wall Street Journal.
A seven-year veteran of the job, Mandel, 41, took an interest in bitcoin “several years ago,” and sees this new initiative as a convenience for citizens and an opportunity to plant Ohio’s flag in the digital coinage.
“I do see [bitcoin] as a legitimate form of currency,” he told WSJ. And he hopes other governments will follow suit.
Arizona, Georgia, and Illinois have considered adopting similar schemes, the paper said, but bills addressing the issue stalled in all three state legislatures.
The first decentralized digital currency, bitcoin works without a central bank or single administrator; transactions occur directly between users, and are verified by network nodes and recorded in blockchain.
In this case, it can be used to foot the bill for any number of state tariffs.
“From mom-and-pop coffee shops to Fortune 100 companies, businesses now have the ability to pay their taxes with OhioCrypto.com,” the website said.
The treasurer’s office, however, isn’t actually amassing a Scrooge McDuck-worthy pile of cryptocurrency. Technically, the new service funnels payments through Atlanta-based processor BitPay, which converts bitcoin to dollars.
If you’re not already dealing in bitcoin, now might be a bad time to start.
CoinDesk on Sunday announced a 36 percent plunge in the cryptocurrency’s price—the biggest weekly drop in more than five years.
Learn more about bitcoin and blockchain from master explainer John Oliver. And check out more coverage below from Geek.com: