LaRose applauds step toward acceptance of cryptocurrency payments

Ohio Secretary of State Frank LaRose issued the following statement on today’s action by the Ohio Board of Deposit, allowing for proposals to facilitate the use of cryptocurrency, such as Bitcoin, as payment for state fees and services. 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.

“Crypto is one of the world’s fastest-growing asset classes, and it’s quickly gaining wide acceptance as a store of value and a form of currency. Ohio has an opportunity to be a leader in this emerging industry. The board’s approval allows us to take the next step in setting the standard for how digital assets can be used to pay for public financial obligations. Our state is working hard to create the new Silicon Heartland, and this is exactly the kind of innovation we need to embrace as tech companies and entrepreneurs look to do business in Ohio. We have to make sure we do it right, but that shouldn’t keep us from leaning into the future.”

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.

Today, 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.

Secretary LaRose, a long-time champion of pro-cryptocurrency policy, also submitted proponent testimony today in support of HB 18, legislation to create an Ohio Strategic Cryptocurrency Reserve.