(Columbus) — Ohio Secretary of State Frank LaRose issued the following statement on the Ohio Board of Deposit’s selection today of a vendor to facilitate the acceptance of cryptocurrency payments, such as Bitcoin, for state fees and services:
“Ohio has always been a state of pioneers and innovators. I want to commend Treasurer Sprague, Auditor Faber, and Attorney General Yost for taking this bold step to position us at the forefront of the emerging digital economy. There’s a reason why we now rank among the top five states in the nation to do business. It’s because we’re not afraid to embrace the tools, trends and technologies that incentivize job creators to come here. My office processes hundreds of thousands of financial transactions each year, and we’ve heard a growing demand for a cryptocurrency payment option. I’m excited and ready to be the first to provide it to our customers.”
Background:
In April of this year, Secretary LaRose and Ohio Treasurer of State Robert Sprague called on the State Board of Deposit to authorize cryptocurrency payments. Under the proposal, state agencies are given the authority to accept cryptocurrency through a payment processor as designated by the Treasurer’s office. The Secretary of State’s office aims to be the first state agency in Ohio to accept fees using this method. As one of the state’s largest fee-for-service agencies, the Secretary of State’s office processes nearly half a million payment transactions annually.
In May, the proposal designating cryptocurrency as an authorized financial transaction device passed with a unanimous vote by the State Board of Deposit, pending the board’s approval of a vendor contract. Today, the board approved a vendor contract.
Secretary LaRose, a long-time champion of pro-cryptocurrency policy, also submitted proponent testimony in support of House Bill 18, legislation to create an Ohio Strategic Cryptocurrency Reserve.
# # #