tl;dr
Ohio becomes the first U.S. state to approve crypto payments for government fees, signaling a major shift toward digital finance and positioning itself as a crypto innovation hub.
Ohio Takes a Bold Leap into the Digital Economy with Crypto Payment Approval
Ohio is positioning itself as a trailblazer in the digital finance revolution. The Ohio State Board of Deposit recently unanimously approved a vendor to process cryptocurrency payments—including Bitcoin—for state fees and services, marking a pivotal step in integrating digital assets into public finance. This move, hailed as “bold” by Secretary of State Frank LaRose, signals the state’s commitment to embracing emerging technologies and attracting businesses in an increasingly crypto-centric world.
The initiative, which began in April when LaRose and Treasurer Robert Sprague pushed for crypto payment authorization, reached a critical milestone on Wednesday. After months of deliberation, the board finalized vendor approval, the last hurdle in a process that had already seen the proposal pass unanimously in May. “With hundreds of thousands of transactions going through my office each year, I want to commend the board for taking bold action to position us at the forefront of the emerging digital economy,” LaRose tweeted, underscoring the scale of the state’s operations and the growing demand for cryptocurrency options.
The decision aligns with Ohio’s broader strategy to foster innovation. In June, the state advanced the Ohio Blockchain Basics Act, which prohibits local governments from restricting digital asset use and exempts crypto transactions under $200 from capital gains taxes. Dennis Porter of the Satoshi Action Fund called the legislation a “clear signal” of Ohio’s support for crypto innovation. Meanwhile, LaRose is also championing House Bill 18, which would establish an Ohio Strategic Crypto Reserve funded by state investment earnings—a move echoing federal efforts to position the U.S. as a global crypto hub.
The approval has sparked enthusiasm from the crypto community. Paul Grewal, Coinbase’s Chief Legal Officer, tweeted, “It’s happening. Government payments in Ohio today. Everything onchain tomorrow. Thank you, ser,” highlighting the potential for a fully decentralized future.
Ohio’s push is part of a national trend. Across the U.S., 47 states have introduced Strategic Bitcoin Reserve (SBR) bills, with 26 still under consideration. Arizona, Texas, and New Hampshire have made the most progress, while Michigan’s stalled Bitcoin reserve legislation gained momentum this week. As states vie to attract tech-savvy businesses and investors, Ohio’s latest move cements its place in the crypto race—proving that even traditional institutions are recognizing the power of digital assets.
For now, the Buckeye State is not just adapting to the future; it’s shaping it.