A state bill would put cryptocurrency in the same group as traditional currency
Ohio lawmakers are pushing forward a bill that would prevent the state from imposing additional taxes on cryptocurrency when used for payments. House Bill 116, introduced by Representative Steve Demetriou and backed by several co-sponsors, seeks to ensure that digital assets like cryptocurrencies, stablecoins, and NFTs are treated the same as traditional currency when it comes to taxation.
The proposed legislation does not exempt crypto transactions from standard taxes such as sales tax but aims to block any new levies specifically targeting digital assets. Supporters argue that this approach will encourage wider adoption of cryptocurrencies in commerce while protecting individuals and businesses from unnecessary financial burdens.
Beyond taxation, the bill includes provisions reinforcing Ohioans’ rights to use digital assets freely. It explicitly states that no government agency or local authority can prohibit businesses or individuals from accepting cryptocurrency as a payment method. Additionally, the bill supports the right to self-custody, allowing individuals to store their digital assets in personal wallets without interference.
The legislation also clarifies that crypto mining and staking do not require a money transmission license under Ohio law. This provision ensures that individuals can participate in blockchain-related activities without facing excessive regulations. Residential crypto mining is permitted if it aligns with local zoning laws, while larger-scale mining operations are recognized as legitimate businesses in industrial areas.
Ohio has been making steady progress in crypto-friendly legislation. Other recent bills have proposed allowing cryptocurrency for tax payments and establishing a Bitcoin reserve fund for the state. With these initiatives, the Buckeye State continues to position itself as a leader in integrating digital assets into its economy.
