Ohio has given the world the Wright Brothers, John Glenn and the Rock and Roll Hall of Fame. Before long it could add another claim to fame – as the Silicon Valley of crypto. The Buckeye State is now looking to the blockchain and Bitcoin to bolster its economy. The stars have recently aligned across public policy, private investments and education, and innovation has drowned out the bear market.
Ohio has reportedly become the first U.S. state to allow businesses that operate there to pay Bitcoin for state “sales tax, withholding tax, pass-thru entity tax, and public utility tax,” reports reveal. The companies need not be domiciled in Ohio but must do business in the state. This first-mover status is likely to attract entrepreneurial talent, which in turn spurs job growth and more. It addition to the blockchain, it will harness other areas of tech such as IoT as well as “augmented and virtual reality.”
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Story excerpt provided by Crypto Briefing.
Written by Gerelyn Terzo.
Originally published December 7, 2019.