In some countries and/or cities, the use of bitcoins for payment of taxes is already a reality. That´s the case of the American State of Ohio in the U.S., and Ontario in Canada. In the United States, the currency is also valid for the payment of refunds to taxpayers. In the United Kingdom, there is a proposal to initiate this type of procedure.
See below recent released news that show how these countries are working with the cryptocoins:
Ohio accepts bitcoin for payment of taxes
The U.S. State of Ohio was the first one to accept payment of taxes with the cryptocoins. The currency conversion for States use is made via BitPay, a company based in Atlanta. However, by American law, there are no problems in the conversion of the currency outside the State.
U.S. taxpayers can receive refunds in bitcoin
Recently, it has also been approved in the United States that taxpayers may receive partially or in full their federal and state tax refunds in bitcoins. This has been possible due to the collaboration between the payment processor, blockchain BitPay, and the Refundo, a vendor of financial products related to taxes.
Innisfil, in Canada
Canada is another country that is also already accepting bitcoins for tax payments. The procedure is being tested in the town of Innisfil, on the State of Ontario. The cryptocoin payment option will be offered in partnership with the Coinberry, a digital asset trading platform based in Toronto. Other cryptocoins such as bitcoin cash, ether, litecoin and XRP can also be added in the future
Politician defends tax payments with bitcoin in United Kingdom
On the other hand in the United Kingdom, a conservative politician and member of Parliament, was inspired by the initiative of the State of Ohio and recently defended the payment of taxes using bitcoin. The idea came after a meeting with the Royal National Lifeboat Institution which now accepts donations with cryptocoins.
