Ohio has taken a major step toward integrating bitcoin into public finance by approving a vendor to process bitcoin payments for state fees and services.
The unanimous decision by the Ohio State Board of Deposit follows months of preparation led by Secretary of State Frank LaRose and Treasurer Robert Sprague.
Push for digital payments
LaRose praised the board’s decision, emphasizing the scale of transactions his office handles each year and the increasing demand for bitcoin payment options. He stated:
“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.”
The new vendor approval completes a process that began in April and was unanimously advanced in May.
Legislative momentum builds
Ohio’s move is part of a broader strategy to embrace bitcoin.
The Ohio House recently passed House Bill 116, which exempts bitcoin transactions under $200 from capital gains taxes, and is considering the Ohio Strategic Cryptocurrency Reserve Act (House Bill 18).
This act would allow the state treasurer to invest up to 10% of certain public funds in high-capitalization cryptocurrencies, such as bitcoin.
Ohio joins national trend
The Buckeye State’s activity is echoed across the U.S.
According to the Bitcoin Laws tracker, 47 states have introduced Strategic Bitcoin Reserve bills, with about 26 states carrying active proposals.
Arizona, Texas, and New Hampshire have advanced furthest, while Michigan’s bill recently moved forward after months of delay.
Lawmakers encourage innovation
Industry leaders view Ohio’s efforts as a signal of support for digital asset innovation.
Dennis Porter, CEO of the Satoshi Action Fund, described the legislative momentum as “a clear signal” that lawmakers are encouraging innovation in the state.
With more states considering reserves and payment options, bitcoin’s role in public finance is growing.
