As of now, Bitcoin might be experiencing one of its worth falls and is down to $4000, but it looks like that one states in America will soon going to accept the taxes in the cryptocurrency. According to the report revealed that Ohio plans to accept the taxes in Bitcoins, and will be the first state in America to do this officially.
According to the report, the state will now allow the businesses to register on the OhioCrypto.com and pay all kinds of taxes, which includes the sales taxes via Bitcoins. The report notes that the push for Bitcoins and cryptocurrency for the taxes has now come from the state treasurer Josh Mandel who revealed in a paper that he does see the Bitcoins as a “legitimate form of currency.”
Ohio will now be going to rely on the payments firm processor called the BitPay which will then convert the “the Bitcoin to dollars for the state treasurer’s office,” report revealed. While Ohio has shown faith in the cryptocurrency, Bitcoin is struggling.
The currency was down by as much as around 13% this week. It is as of now currently trading at the cost of $3900. This is in stark contrast to the Bitcoin rally last year, where it was trading at close to $20000 in December last year. Some of the other rival cryptocurrencies like the Litecoin, Ether, Ripple, and others have also seen to be so much down. The exact reasons for why the Bitcoin has dropped still remains unclear.
While in the European Union Trading and the US in Bitcoin is legal, in India the cryptocurrency remains the illegal act, as the government had said that it would first explore the use of Blockchain technology on which the Bitcoin rests.
Bitcoin is peer-to-peer based currency and is based on Blockchain, which is an online ledger that gets that gets updated in real-time. With Bitcoin, there is no one regulating or issuing authority like in the case of traditional currency. Instead, users get bitcoins for solving complex mathematical puzzles.
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