Wednesday, October 9, 2019

"Ohio Suspends Acceptance Of Tax Payment In Bitcoin"

But...but...that's one of the things that makes a currency a currency, acceptance by the sovereign in lieu of taxes owed.
Well that or the pee tax. "Pecunia non olet"
From RTT News:
The U.S. State of Ohio has suspended the OhioCrypto.com website, which enabled businesses in the state to pay taxes with Bitcoin. This was announced by Ohio Treasurer Robert Sprague at a meeting of the State Board of Deposit.

Sprague said that an internal review determined that the launch of such a service required the approval of the State Board of Deposit.

The creation and operation of OhioCrypto.com has been under internal review ever since Sprague took over as Ohio State Treasurer in January. The website was launched by his predecessor Josh Mandel in November 2018.

The internal review determined that the third-party payment processor, BitPay, is functioning as a "financial transaction device" and, therefore, should have been selected through a competitive selection process and authorized by the State Board of Deposit...
....MORE