Ohio is an American state which is set to become the first to accept Bitcoin payments for taxes from business. However, at this point individual tax payers cannot pay their dues in Bitcoin but it's a start nevertheless.
The state Treasurer Josh Mandel hopes that this move will help push towards a national cryptocurrency adoption. Now isn't that awesome?
Well things aren't all that rosy in India. For starters for the longest period our central bank has refused to even acknowledge cryptocurrencies calling them crypto asset of speculative nature instead of a digital currency.
Businesses in India in this space have suffered massively since April 6th mandate from the RBI banning banking services to the spot exchanges in India and other businesses in this space.
Any effort to increase mass adoption in the country have resulted in a backlash from the government. Recently, Unocoin co-founders were arrested due misinformation spread by the mainstream media for supposedly installing a Bitcoin ATM while infact it was just a cash dispensing machine for Unocoin's customers.
Supreme court of India has continuously delayed the proceedings on the matter of cryptocurrency exchanges vs RBI and there seems to no pro-cryptocurrency legislation in sight just yet. Even though the draft is said to be under development for a year now.
Our protectionist government and closed banking system cannot make policies which cannot be implemented and hence it's not easy to ban cryptocurrency in India. However, they can learn so much from this move by the US state of Ohio and make it easier for businesses and traders in India to make a livelihood by entering this space legally.
India is at the risk of brain drain owing to blockchain companies and exchanges preferring Estonia, Singapore and Malta over doing business back home. There's so much that the government and the citizens of India can gain from this.
But for now let's revel in the fact that a US state accepting cryptocurrency for payments is a huge win for cryptocurrency enthusiasts and blockchain technology developers all over the world!
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The government cannot prohibit crypt for a long, I am sure. But we will have to suffer till they realize.
This is great news. I've never heard of anyone in the US having an option besides USD for taxes. This gives bitcoin a lot of legitimacy. It's also a decent sized state. Ohio is the 7th largest state in the US by population.
This has to be good for crypto, I mean if you can pay taxes with it then it has value.
you are 100% right sir, i agree with you.
That is really great on the part of Ohio and i really wish that in India as well such steps should also be taken so that people could come to know that how beautiful the blockchain technology is.
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Hi @firepower...nice post ...I just say that the digital currency makes people rich ..At this modern time we need to accept the digital currency .😊😊
Yes my friend, Indian government is being lunatic these days. We see all the global development around us and learn from them.
This is true picture of our country,as long as the ruling classes remain unflesible we should not expect much from it.our county accept any changes very lately,because we are ignorant about the power of deigital money.Thanks for the great information.
I am so confused we can't take it in our bank but if we use PayPal then crypto is legal or illegal how do we pay tax for it. It's messed up