CINCINNATI (WKRC) – Ohio is taking significant steps toward integrating cryptocurrency into its financial systems, with plans to allow Bitcoin payments for some state services.
State Treasurer Robert Sprague is spearheading the initiative, which aims to modernize Ohio’s financial transactions by enabling the Secretary of State’s Office to accept cryptocurrency payments.
“It’s important for us to explore these innovative new technologies to drive Ohio into the future,” said Sprague.
He also emphasized the urgency of the initiative.
“This is coming, and if you don’t get out in front of it, you’ll be dragged behind the bus,” said Sprague.
The proposed system would convert Bitcoin into dollars almost instantaneously, with users covering the conversion fee.
“This conversion would happen in seconds, not minutes and not days,” Sprague said.
He added that the system “simply eases the transaction for the consumer or the people in the state of Ohio that want to do business in digital currency.”
Ohio Secretary of State Frank LaRose likened the move to accepting credit cards online.
“It’s no different than us accepting credit cards on our website when it comes down to it,” said LaRose.
State Representative Steve Demetriou has introduced a bill to empower the state treasurer to invest in cryptocurrency, although it would not mandate any investment.
“We just want to offer the treasurer another tool in their toolkit,” Demetriou said.
The bill includes safeguards, allowing investments only in cryptocurrencies with a market capitalization of $750 billion or more, such as Bitcoin.
Sprague plans to present the proposal to the State Board of Deposit in May, with hopes of launching the system this fall if approved. Initially, the system will be implemented in the Secretary of State’s office, with potential expansion to other state agencies.