“Beginning this week, Ohio businesses will be able to go to the website OhioCrypto.com and register to pay everything from cigarette sales taxes to employee withholding taxes with bitcoin. Eventually, the initiative will expand to individual filers,” the article says.
“I do see [bitcoin] as a legitimate form of currency,” Mr. Mandel told the Journal, adding that he hopes other states will follow suit.
Bitcoin is a cryptocurrency, or a digital token, that can be sent electronically and directly from peer to peer.
There is no physical backing and it is a decentralized currency — meaning it is not controlled by any government or banking entity. Bitcoin is the first cryptocurrency ever created, and remains the most popular one to date.
Crime and cryptocurrency: How local criminals use bitcoin illegally
Mandel told the Journal he is “confident that this cryptocurrency initiative will continue” after he leaves office in January.
State Rep. Robert Sprague won election earlier this month to replace Mandel as state treasurer.