Paying bitcoin taxes

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Ohio to Accept Tax Payments in Crypto — Setting the Standard for Future?

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Это удивительное здание. Он купил его через Nexo. Ставка на биткоины, расширение кредитной линии, отправка средств нотариусам в качестве условного депонирования. Сделка состоялась в течение 24 часов, и теперь он владеет часовней и сдает ее в аренду.

Я думаю, что мы увидим это как огромную тенденцию с крипто-ипотекой. Они сидят на огромных кучах биткоинов и не хотят продавать. Это помешало им выйти на рынок недвижимости, который составляет триллионов долларов. Теперь у них есть этот способ и средства для обеспечения кредитной линии, сохранения своих биткоинов и приобретения недвижимости, и это такая же диверсификация их портфеля, поэтому я думаю, что мы собираемся увидеть рост бизнеса крипто-кредитования.

Владислав Морской. Dollars after payments have been made to BitPay.


Businesses of any size will be able to make use of the payment service. The Ohio Treasurer has stated that the move is one to provide more options for state businesses and residents to interact with the state government.

Mandel has been somewhat of a pioneer in leveraging emerging technologies into state systems and offerings. Inhe launched OhioCheckbook.

The move saw the state rated number one for government transparency, according to research from the U. Public Interest Research Group. This latest move is in the hopes of making the state a leader in blockchain technology development and adoption, as Mandel told Cointelegraph in an interview this week. Firstly, the state wants to offer taxpayers more options when paying taxes:. Mandel added that he had been a crypto enthusiast for a few years and that this is just part of a process of inspiring wider adoption of cryptocurrency and blockchain technology around the country:.

Having launched just this week, phase one only allows businesses in Ohio to be able to pay taxes using cryptocurrency. But as Mandel explains, this is just the first step of some ambitious plans to accept different cryptocurrencies and offer the service to individual taxpayers. Given the infancy of the project, Mandel was reluctant to speculate on a given timeframe for the role out of further improvements.

Mandel also explained that the decision to convert Bitcoin straight to fiat currency was taken after extensive research by his team. Every decision we make in the Ohio Treasury office is driven by this. BitPay CEO Stephen Paire told Cointelegraph that the initiative is an important one for blockchain-based and cryptocurrency-focused businesses that could make effective use of the payment option:.

Obviously, all these companies have to pay taxes, so it just makes a lot of sense for all those companies to have the ability to pay their taxes with cryptocurrency. Ohio is the first state in Stellar фото to actually launch this new method of payment, but it is not the first to have tried.

Other U. However, these bills have been stopped in their tracks by state lawmakers. Despite that fact, the bill has yet to come into effect due to amendments in the fine print.

The revision called for a study into the possibility of these alternative payment forms, but it has not been made clear when this will be carried out. Similarly, Georgia looked to pass a bill in February that would allow cryptocurrencies to be used as a payment option for state taxes and licenses. Illinois is also in the process of considering a similar bill. Despite these failures, other U. Wyoming was able to pass a number of bills that saw cryptocurrencies classified as a new asset class in the state in March The move does have some interesting implications for businesses that will look to take advantage of the new payment method.

A number of countries around the world have enforced taxes on cryptocurrency gains and this will be something to consider for those entities that will pay their taxes using Bitcoin. As international tax attorney Selva Ozelli pointed out to Cointelegraph, businesses will have to grapple with additional processes when holding and using cryptocurrencies:.

Reasons for the move

They will have increased record keeping requirements and more sophisticated treasury functions — just like multinational companies. On the other hand, these enhanced compliance requirements will encourage blockchain companies to design systems to simplify such functions for businesses going forward and fuel growth in blockchain technology-related jobs.

Niklas Schmidt, a partner at the law firm Wolf Theiss, also made a similar observation, especially for businesses that have held onto their Bitcoin for some time:. If a taxpayer has purchased, say, Bitcoin some time ago and has an unrealized gain, in most jurisdictions, discharging a liability with such an appreciated asset will lead to a taxation of the gain. In other words, payment of your taxes in Bitcoin may again trigger tax. Another factor to consider is that businesses in the state will still be liable to pay federal tax, which can only be done with fiat currency, according to Schmidt.

This tax payment option is not entirely new, but considering the impact it may have in Ohio and America, it could potentially spread to more countries. While these moves may have failed in other American states, Ozelli believes that the success of such initiatives in other countries proves that there is an interest in биткоины скрины option being available.

The Swiss municipality of Chiasso allowed residents to pay their taxes in Bitcoin starting in January ofwhile Seminole County, Florida, became the very first county in the U. Schmidt also told Cointelegraph that Zuga municipality in Switzerland, also accepts tax payments in Bitcoin. With more than a few places around the world actively offering this payment option, it does seem to bode well for this becoming more commonplace.

Cryptocurrency investment advisor Anthony Pompliano made an astute observation in his daily newsletter, citing milestones like this as an important use-case example for cryptocurrency going forward:. That is obviously no longer true now.

Governmental agencies and financial institutions are slowly seeing the value in incorporating cryptocurrencies into certain processes.

Every step in this direction is a positive one, especially when the focus is on the current state of the markets.

Mandel hopes that his work with the Treasury will play a part in influencing other states to follow in their footsteps and eventually take hold at a national level:. Major U. Zcash is a cryptocurrency based on a decentralized blockchain, designed with the goal of making transactions more private than they are in the Bitcoin BTC blockchain.

View keys may be used for an audit or sharing information without disclosing it publically. Coinbase will subsequently add more jurisdictions.

Coinbase also stresses that ZEC trading is not yet available on Coinbase. While the first two stages will enable users to transfer ZEC to their Coinbase Pro accounts, and post limit orders without matches option, the other two will allow customers to match limit orders and finally fully trade with the altcoin.