Ohio State Treasurer on Accepting Bitcoin for Tax Bills, GM Plant Closings

Ohio is the first U.S. state to allow tax payments via cryptocurrency, aiming to provide more options and ease for taxpayers while promoting Ohio as a hub for blockchain technology. The process involves using BitPay to convert cryptocurrency to U.S. dollars, ensuring no risk for the state. Despite challenges like high fees and digital wallet setup, Ohio offers a lower fee for cryptocurrency payments compared to credit cards. The state is also hosting events to support blockchain technology. Separately, the closure of a GM factory in Ohio has sparked political and economic concerns.

What is one of the main reasons Ohio is allowing tax payments via cryptocurrency?

• To provide more payment options for taxpayers

• To reduce the number of tax evaders

• To increase state revenue

• To eliminate the use of credit cards

How does Ohio ensure it does not hold cryptocurrency during tax transactions?

• By storing it in a digital wallet

• By exchanging it for government bonds

• By using a payment processor to convert it to U.S. dollars

• By converting cryptocurrency to gold

What is the fee for paying taxes via cryptocurrency compared to credit cards?

• Higher than credit card fees

• No fee at all

• The same as credit card fees

• Lower than credit card fees

What event in Cleveland is mentioned as part of Ohio's embrace of blockchain technology?

• Crypto Fest

• Tech Summit

• Blockchain Expo

• Block Land Conference

What is the economic concern related to GM's factory closure in Ohio?

• Increase in state taxes

• Loss of jobs in a hard-hit area

• Decrease in cryptocurrency use

• Rise in steel production