Under the leadership of Finance Secretary Robert Sprague, Ohio is pushing a new crypto bill to modernize its finances, allowing people to pay taxes and donate to campaigns in Bitcoin.
Ohio is reviving its push for crypto adoption with Bitcoin reserves and bill payments, blending blockchain innovation with financial security and regulation.
From promoting a state virtual currency reserve fund to accepting Bitcoin for payments, Ohio is embracing digital currencies with strong political support. The state, led by Republican Finance Secretary Robert Sprague, is rolling out efforts to make cryptocurrencies like Bitcoin more mainstream.
These efforts are designed to modernize Ohio’s financial system and provide a faster, more efficient way to process money while allowing residents to pay state taxes, government fees, and campaign contributions with cryptocurrencies.
New cryptocurrency bill aims to modernize Ohio’s financial system
Local lawmakers have introduced several bills to support this digital currency push. Senate Bill 57 proposes creating a Bitcoin Reserve Fund to facilitate tax payments and donations in cryptocurrencies.
Ohio House Bill 116 would allow residents to use digital assets for everyday purchases while providing tax protection. House Bill 18 gives the Secretary of the Treasury the authority to invest in high-value digital assets, and House Bill 426 establishes clear rules for handling “abandoned” cryptocurrencies.
“These bills aim to create a more secure and regulated framework for virtual currencies in Ohio,” Sprague said. “We want to give residents and businesses the ability to use their digital assets without risking security or transparency.”
Ohio balances encryption deployment
Although Sprague has defended cryptocurrencies, some lawmakers are cautious. Chairman Matt Huffman and Minority Leader Dani Isaacson expressed concerns about the volatility and historical abuses of cryptocurrencies. The FBI reported that crypto-related cybercrime will be worth $9.3 billion in 2024, highlighting the potential risk.
Sprague emphasized, “All cryptocurrency payments are instantly converted to U.S. dollars. Our approach combines technological innovation and financial security to ensure Ohioans can safely participate in the digital economy.”
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Ohio History with Cryptocurrency and Political Influences
Ohio has a history of experimenting with cryptocurrencies. In 2018, then-car salesman and now U.S. senator Bernie Moreno paid his taxes in cryptocurrency, making Ohio the first U.S. state to accept digital currencies for tax payments. Although the program was suspended due to procedural issues, it demonstrated Ohio State’s willingness to explore blockchain-based financial solutions. Sprague believes the time is right to revive and expand this effort.
Adding a political dimension, Sprague, who is currently running for secretary of state, plans to accept crypto donations in his campaign, making him the first candidate in Ohio to do so. Republican gubernatorial candidate Vivek Ramaswamy also supports cryptocurrencies, calling them both financial tools and symbols of technological innovation.
“By embracing cryptocurrencies now, Ohio can gain a technological and economic advantage that will benefit our residents, businesses, and our state’s future financial ecosystem, especially during economically challenging times,” Sprague said.
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