In a move, described by California Western’s Prof. James Cooper as “visionary,” Ohio last week announced it would become the first state to allow businesses to pay their taxes in bitcoin.
In an interview with BlockTelegraph, Prof. Cooper says that what Ohio is doing is a big deal.
“What Ohio is doing is saying that they will accept in part, under certain conditions, bitcoin as a way of paying taxes. The tokenized economy is now affecting taxpayers, which is a good thing because that means it’s now being regulated. Even though it’s only affecting corporate taxes for now, it recognizes that there is an alternative of sorts to wealth or at least a value to cryptocurrency and blockchain technology.”
According to Prof. Cooper, consumers should take note as a form of government is saying that there is a way for cryptocurrency to be used to pay taxes.
“The fact that governmental authorities are willing to play in this space is a big deal,” says Prof. Cooper.
When asked why Ohio was the first state to move on this Prof. Cooper says that Ohio saw an opportunity for a competitive advantage and went for it.
“It’s an example of how different levels of government exercise their sovereignty, which includes tax raising,” says Prof. Cooper.
Will other states follow suit? It’s difficult to tell Prof. Cooper tells BlockTelegraph.
“For Ohio, accepting crypto is a strategic advantage and a way to advertise that Ohio is committed to functioning in this new space,” he says.
Read Prof James Cooper’s complete interview with BlockTelegraph here: https://blocktelegraph.io/james-cooper-cryptocurrency/