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Crypto Goes Official: Ohio to Accept Bitcoin for State Services

Key Takeaways

  • ​Ohio will start accepting cryptocurrency, including Bitcoin, for select state fees following the approval of a payment vendor;
  • The decision comes after months of planning by state officials aiming to modernize public payment options;
  • State agencies will not handle digital assets directly, but a vendor will convert crypto to dollars to mitigate market risk.

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Crypto Goes Official: Ohio to Accept Bitcoin for State Services

Ohio is set to allow residents to pay certain government fees using digital currencies.

The state’s Board of Deposit has officially selected a company to manage cryptocurrency transactions, including Bitcoin BTC $109,663.32 , for services provided by state agencies.

This change follows several months of preparation. In April, Ohio Secretary of State Frank LaRose and Treasurer Robert Sprague encouraged the board to explore digital payment options.

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In May, the board approved the proposal, but it still needed to select a payment provider. That final decision was made on September 24.

LaRose pointed out that his office handles hundreds of thousands of transactions each year. He mentioned that more people and businesses have been asking for a way to pay with cryptocurrency.

He shared in a post on X that the board’s decision helps keep Ohio in step with changes in the economy.

He also said the state’s willingness to use new tools and technology is one of the reasons it remains a competitive place for business.

With the vendor selected, the plan is to allow cryptocurrency payments without requiring state departments to manage digital assets themselves. The chosen company will handle the conversion and transfer funds to the state in US dollars.

This setup eliminates the risks associated with market fluctuations for government accounts.

Recently, the US Commodity Futures Trading Commission (CFTC) reviewed a proposal to allow stablecoins to be used as collateral in derivatives trading. What were the key points of the proposal? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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