Bitcoin Prices Rise; Ohio to Allow Crypto in Tax Payments

Investing.com – Bitcoin and other major digital coin prices made a small gain on Friday in Asia. Meanwhile, Ohio is set to be the first state in the U.S. to accept cryptocurrency for tax payments.

Bitcoin added 1.58% to $4,308.7 by 12:41 PM ET (04:41 GMT) on the Investing.com index. Ethereum was up 0.04% to $119.02, and XRP gained 0.12% to $0.38 on the Poloniex exchange.

Litecoin also rose 2.11% to $33.9 on the Bitifinex exchange.

Bitcoin maintained a small momentum gained in mid-week amid a 40% plunge in its value since mid-November. This year, the digital coin’s price has dropped around 80%, and traders saw a sell-off this month sparked by bitcoin cash.

On Friday, media reported that Ohio is set to be the first state in the U.S. to accept cryptocurrency in tax payments.

Ohio’s State Treasurer Josh Mandel granted the greenlight to let businesses pay taxes using Bitcoin.

State officials will allow businesses in Ohio to register and settle their tax liabilities online, and cryptocurrency payment service provider BitPay will process the payments. The digital coin will then be converted into U.S. dollars.

Mandel said the move aims to inspire a wider adoption of cryptocurrencies in the U.S.

“I think this is a perfect illustration of this concept — where this idea is beginning at a state level in Ohio, but the ultimate goal is to inspire the federal government to follow suit,” he said.

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