Last year, Ohio made news as the first state in the nation to accept tax payments using cryptocurrency. Now the program is on hold.
The program was touted as a game-changer by former Treasurer Josh Mandel. Mandel was elected Ohio Treasurer in 2010. He ran an unsuccessful Congressional campaign against Senator Sherrod Brown in 2012. He was reelected as Treasurer in 2014, and made plans to again challenge Brown in 2018. He abruptlyof that race last year and left the Treasurer’s office after his term ended in January 2019.
His successor, Robert Sprague, asked the Ohio Attorney General for a formal opinion on whether the payment method facilitated by the program’s third-party processor constitutes a “financial transaction device” under Ohio law. If it did, then by law , the contract for the processor must go through a formal procedure that includes approval from state officials and a request for bids from at least three financial institutions.
The Ohio Attorney General, Dave Yost, did take a look at the program. He found that OhioCrypto.com met the legal definition of a “financial transaction device.” Yost also found that the use of the program was not permitted, claiming that existing state law doesn’t extend to OhioCrypto.com. Yost said the process was basically akin to a currency exchange, finding, “The Treasurer’s use of a payment processor to convert cryptocurrency into dollars for the payment of taxes is not authorized, expressly or impliedly, by statutes allowing the receipt of electronic payments.
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