📜Ohio's New Bill: No Extra Tax on Crypto Payments, Should Retirement Funds Also Invest in Crypto ETFs?
Recently, legislators in Ohio proposed a new bill called the "Ohio Blockchain Basic Act" (HB116), aimed at preventing state and local governments from imposing additional taxes on crypto payments while also addressing issues related to digital asset mining, staking, and regulation.
The newly proposed Blockchain Basic Act (HB116) includes several highlights as follows:
First, in the future, residents of #俄亥俄州 will be able to freely use cryptocurrencies to pay for goods and services, with no restrictions from the government. Second, residents engaged in cryptocurrency mining or staking can rest assured that these activities will not be regarded as illegal investments.
Third, individuals do not need to hold a currency trading license when engaging in cryptocurrency mining, staking, or asset exchanges. At the same time, businesses providing mining or staking services will not be considered as providing securities or investment contracts.
Even more noteworthy is that the state retirement fund will also explore the investment risks and returns of cryptocurrency ETFs to assess whether they are suitable for inclusion in the investment portfolio.
It is reported that this is not the first attempt by Ohio to advance crypto legislation. In September last year, former state senator Niraj Antani proposed a similar bill that allowed state taxes and fees to be paid with digital assets, and also permitted state agencies and pension funds to invest in digital assets. However, that bill "died" in committee.
In December last year, state representative Derek Merrin proposed the "Ohio Bitcoin Reserve Bill," intending to establish a special fund within the state treasury and allow the state treasurer to purchase and hold Bitcoin.
Recently, state senator Sandra O'Brien introduced a second Bitcoin Reserve Bill (Senate Bill 57), aiming to require the state government's Bitcoin investments to be held for at least five years.
All in all, Ohio's legislators are clearly confident about cryptocurrencies. State senator Sandra O'Brien even stated that the world of cryptocurrencies has arrived, and Ohio needs to become a leader. Moreover, cryptocurrencies will also become an important part of President Trump's term!
💬Do you think this bill will pass? What impact will it have on the crypto market?
