 
 
The American state of Ohio has approved new measures that will allow residents to make Bitcoin payments for state taxes and other services. The state’s Board of Deposit made this move in an effort to facilitate the growing number of crypto users in the area. This is among the first such instances in America where residents can pay for government services through crypto, and is likely to set a standard for the rest of the country.
The board overwhelmingly voted for this measure in a recent moot and has approved a vendor selection process to expedite the process. Treasurer Robert Sprague and state secretary Frank LaRose were at the forefront of this move.
According to a statement by the state office:
“Ohio has always been a state of pioneers and innovators. I want to commend Treasurer Sprague, Auditor Faber, and Attorney General Yost for taking this bold step to position us at the forefront of the emerging digital economy.”
Ohio Delivers
The move is the culmination of approximately six months of efforts by the state apparatus, which began its deliberations back in April of this year. The final vendor approval cleared the last hurdle needed to kick-start the crypto payment process.
 
“With hundreds of thousands of transactions going through my office each year, I want to commend the board for taking bold action to position us at the forefront of the emerging digital economy”, tweeted LaRose.
State Bitcoin Strategic Reserve
Ohio is looking to become the standard-bearer in pro-crypto legislation in the country. The mid-Western state’s crypto-friendly policies aren’t going to end there, as LaRose also heavily fancies House Bill 18 tabled in the 136th Ohio House of Representatives, which commissions a Bitcoin Strategic Reserve for the state.
All in all, around 47 American states have introduced similar bills to establish state-level strategic reserves in the country, with around 26 states examining active proposals to carry out this massive undertaking. While most of these applications are currently stuck in committee deliberations, Texas, New Hampshire, Arizona, and Ohio have made the most convincing moves and are likely to take the lead in this crucial undertaking.
If approved in Ohio, this could be another major development in the country and is likely to overtake the Federal government’s efforts to create a federal bitcoin strategic reserve under President Donald Trump.
The crypto market is also expected to bounce back into bullish territory, as it would mean billions of dollars of state reserves being redirected towards holding crypto as a hedge against inflation.