Yost Argues Against Bringing Back Bitcoin Tax Payments
This tax season the state of Ohio is no longer accepting bitcoin as a form of payment from businesses and Ohio's attorney general is making it clear that he's firmly against the idea of using cryptocurrency to pay taxes.
The state website OhioCrypto.com lasted for about 10 months before Yost said in a legal opinionthat the program was created illegally.
The state's board of deposit would have to revive the program. Yost, a member of that board, says everyone can count him as a "no" vote.
"There is no reason for you to pay your tax liability or any other liability you have to the state of Ohio with anything other than good old United States dollars," Yost said during a forum of Ohio's statewide officeholders.
Josh Mandel, former state treasurer, said he created the program to show Ohio was embracing cryptocurrency. But his successor Treasurer Robert Sprague says he doesn't have any plans to bring it back.