A Republican senator wants Ohioans to be able to pay their taxes in cryptocurrency. The bill would expand a previous program that was halted, and would require the state and local governments to accept cryptocurrencies as tax payments.
“Cryptocurrency was invented a long time ago. But I think it has really solidified over the past few years and I think being able to pay your taxes is another step towards normalization," said Sen. Niraj Antani (R-Miamisburg).
Ohio became the first state to allow businesses to pay state taxes with cryptocurrency through a website set up by Republican state treasurer Josh Mandel in 2018. But less than a year after it launched, Mandel's GOP successor Robert Sprague shut it down after a legal opinion from attorney general that said the State Board of Deposit must approve that policy.
Antani said it’s time to bring that idea back, and allow local taxes to be paid that way as well.
“Cryptocurrency has made significant progress over the last few years," Antani said. "So if the State Board of Deposit is going to fail to act, the legislature will act in order for this to occur.”
Antani said he hasn't talked to Sprague's office about this idea.
Fewer than 10 businesses used the cryptocurrency option before it was ended in Ohio in 2019.
There is still significant debate over digital currency. Critics note there's a constant risk of cyberattack and a lack of agreed-upon policies regarding refunds and cancellations. And there's a huge environmental impact, as the equipment consumes a tremendous amount of electrical power.
The post-election legislative calendar is crowded. But Antani, who didn’t seek re-election, said he’s hopeful. Lawmakers haven't met since a special session earlier this summer.
Colorado has allowed tax payments via cryptocurrency since 2022.
