Ohio is an American state which is set to become the first to accept Bitcoin payments for taxes from business. However, at this point individual tax payers cannot pay their dues in Bitcoin but it's a start nevertheless.
The state Treasurer Josh Mandel hopes that this move will help push towards a national cryptocurrency adoption. Now isn't that awesome?
Well things aren't all that rosy in India. For starters for the longest period our central bank has refused to even acknowledge cryptocurrencies calling them crypto asset of speculative nature instead of a digital currency.
Businesses in India in this space have suffered massively since April 6th mandate from the RBI banning banking services to the spot exchanges in India and other businesses in this space.
Any effort to increase mass adoption in the country have resulted in a backlash from the government. Recently, Unocoin co-founders were arrested due misinformation spread by the mainstream media for supposedly installing a Bitcoin ATM while infact it was just a cash dispensing machine for Unocoin's customers.
Supreme court of India has continuously delayed the proceedings on the matter of cryptocurrency exchanges vs RBI and there seems to no pro-cryptocurrency legislation in sight just yet. Even though the draft is said to be under development for a year now.
Our protectionist government and closed banking system cannot make policies which cannot be implemented and hence it's not easy to ban cryptocurrency in India. However, they can learn so much from this move by the US state of Ohio and make it easier for businesses and traders in India to make a livelihood by entering this space legally.
India is at the risk of brain drain owing to blockchain companies and exchanges preferring Estonia, Singapore and Malta over doing business back home. There's so much that the government and the citizens of India can gain from this.
But for now let's revel in the fact that a US state accepting cryptocurrency for payments is a huge win for cryptocurrency enthusiasts and blockchain technology developers all over the world!
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