The Ohio State Board of Deposits has approved a vendor “to facilitate the acceptance of cryptocurrency payments” for state payment of fees, according to a post on X from Ohio Secretary of State Frank LaRose.
The process to get approval started in April of this year, with Secretary LaRose and State Treasurer Robert Sprague pushing for the need to accept a proposal to use crypto as a form of payment for fees and services. Pushing for the initiative, Secretary LaRose said, “Ohio should be at the forefront of this emerging economy,” in an April statement, adding, “my office processes millions of dollars in business incorporation fees every year, and we should be able to accept payment for those services in cryptocurrency.”
LaRose called the approval a “bold action to position us at the forefront of the emerging digital economy,” in a post on X last week.
The proposal was passed unanimously in May, and a vendor was finally selected last week. The state has not yet publicly announced which vendor it will use, and which cryptocurrencies will be accepted, however the announcement from LaRose uses Bitcoin as an example of crypto that would be usable.
Not the first time
Ohio had previously attempted to allow businesses to pay taxes in cryptocurrency in 2018, but the program was discontinued in 2019 after the Attorney General issued an opinion that cryptocurrency had not properly been approved as a financial transaction device. “Ohio had the right goals at the time but the wrong process,” said Secretary LaRose in an April statement backing the new proposal. “We now have guidance from the Attorney General on how to do this the right way,” he noted.
A crypto friendly environment
This is not the first crypto initiative that Ohio has taken proactive steps on. In June of this year, the state General Assembly passed the Ohio Blockchain Basics Act, which blocks state and local governments from limiting the use of crypto, and exempts transactions under $200 from capital gains tax. In December 2024, Lawmakers proposed a state Bitcoin reserve, aiming to allow the state treasury to invest in crypto.
“We need to be ready to do business at the pace of today’s technology.”
Ohio is not necessarily unique in its push for crypto adoption in recent months, but has a combination of governmental and industry advocates, willingness to experiment, and an open legislative environment which make it favourable for crypto enthusiasts.
In April, advocating for the proposal to accept crypto payments, State Treasurer Sprague argued, “If we’re marketing our state as the place to do business, we need to be ready to do business at the pace of today’s technology.”
