Ohio is set to allow residents to pay certain government fees using digital currencies.
The state’s Board of Deposit has officially selected a company to manage cryptocurrency transactions, including Bitcoin
This change follows several months of preparation. In April, Ohio Secretary of State Frank LaRose and Treasurer Robert Sprague encouraged the board to explore digital payment options.
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In May, the board approved the proposal, but it still needed to select a payment provider. That final decision was made on September 24.
LaRose pointed out that his office handles hundreds of thousands of transactions each year. He mentioned that more people and businesses have been asking for a way to pay with cryptocurrency.
He shared in a post on X that the board’s decision helps keep Ohio in step with changes in the economy.
He also said the state’s willingness to use new tools and technology is one of the reasons it remains a competitive place for business.
With the vendor selected, the plan is to allow cryptocurrency payments without requiring state departments to manage digital assets themselves. The chosen company will handle the conversion and transfer funds to the state in US dollars.
This setup eliminates the risks associated with market fluctuations for government accounts.
Recently, the US Commodity Futures Trading Commission (CFTC) reviewed a proposal to allow stablecoins to be used as collateral in derivatives trading. What were the key points of the proposal? Read the full story.
