Breaking News: OhioCrypto.com Suspended

In a surprising twist that has all the crypto aficionados buzzing, Ohio Treasurer Robert Sprague announced the immediate suspension of OhioCrypto.com. This website had touted itself as a revolutionary way for businesses to settle their tax dues using Bitcoin (BTC). On October 2, Sprague confirmed that an internal review found that proper approvals were lacking before launching this digital tax payment portal.

What Happened?

According to the press release, the State Board of Deposit, which oversees investment and financial decisions, needed to give the green light before the site could go live. Now, they’re even appealing to Attorney General Dave Yost for further scrutiny on whether the third-party processor involved, BitPay, qualifies as a “financial transaction device.” If it does, then, surprise, they might have broken state law by skipping a competitive selection process!

Staying Legal: Sprague’s Stance

Sprague emphasized the importance of adhering to Ohio law while exploring innovative technologies. His sentiment? “It’s vital that Ohio explores innovative, new technologies… However, we must make sure any new processes are established in accordance with Ohio law.” Wise words, right? It’s like saying you want to dive into the deep end, but hey, let’s check if the pool has water first!

A Lackluster Launch: How Many Used It?

Now you’re probably wondering, just how many businesses jumped at the chance to pay their taxes in Bitcoin? Drumroll, please… Fewer than 10! That’s right, in nearly 10 months since its launch in November 2018 under former Treasurer Josh Mandel, the crypto tax playground saw minimal engagement. Mandel called it “planting a flag” in the cryptocurrency world, but it seems like that flag didn’t catch much wind.

Looking Forward: Ohio’s Blockchain Ventures

Despite this little setback, Ohio remains a hub for blockchain exploration. Earlier reports indicated that the County Auditors’ Association of Ohio was forming a working group to unlock the potential of blockchain in real estate transactions and land titles. Plus, there’s talk of investing over $300 million in blockchain startups. So, keep your crypto hats on, folks — Ohio’s still aiming to be the next big contender in the blockchain arena, one cautious step at a time.