Ohio residents and businesses can now pay certain state fees using cryptocurrency, credit cards, or ACH transfers through a new digital wallet called Buckeye Billfold, while cash and checks remain accepted as before. Any digital currency submitted through the system gets converted into U.S. dollars at the moment of the transaction, meaning the state itself never holds volatile crypto assets on its books.
How the Buckeye Billfold Rollout Came Together
The initiative is the product of a partnership between Ohio Treasurer Robert Sprague and Secretary of State Frank LaRose, according to toledolegalnews.com. LaRose said he looks forward to continuing that partnership with Sprague as the two offices work to implement what he called cutting-edge payment solutions. Payment options under Buckeye Billfold include credit cards, ACH, and cryptocurrency, with the digital currency piece converted to U.S. dollars the instant a transaction goes through, the outlet reported.
Ohio is describing the effort as a first-of-its-kind move nationally. The state says it will become the first to successfully authorize and promote statewide agency use and acceptance of digital-asset payments, per the same report.
A Second Attempt After a 2019 Setback
This is not Ohio's first swing at crypto payments for state business. A 2019 opinion from then-Attorney General Dave Yost found that an earlier program, OhioCrypto.com, which had let businesses pay taxes in cryptocurrency, had not followed the proper authorization process, according to the same source. That history set the stage for this year's more formal approach: last year the State Board of Deposit authorized cryptocurrency use, and in September, Sprague and the board unanimously approved Grant Street Group as the vendor for the state's cryptocurrency payments, the outlet noted. Separately, an announcement from the Ohio Treasurer's Office said the office would offer a digital wallet accepting cryptocurrency, framing it as part of the office's broader innovation mission.
According to News 5 Cleveland, Secretary of State Frank LaRose has led efforts to make cryptocurrency more mainstream in Ohio, and his office currently accepts credit cards, checks and cryptocurrency for all types of transactions, including getting a trademark, filing for a new business, and applying for a minister's license. Once a crypto payment is submitted, LaRose's office transfers it into U.S. dollars immediately, the station reported, and it is currently the only Ohio office actively accepting the payments. LaRose said Ohioans expect government services to keep pace with the technology they use every day, and said Ohioans have accepted cryptocurrency as a real form of currency and a form of exchange they want to use.
Skeptics Question the Priorities Behind the Push
Not everyone in Ohio is on board. Michael McGovern, president of Innovation Ohio, criticized the cryptocurrency policy as misplaced priorities, per News 5 Cleveland's reporting. He warned that cryptocurrency payments could be hard to calculate and said cryptocurrency is not safe for the state's finances. McGovern also said cryptocurrency prices are volatile, and using it for something that needs to be stable is risky.
State Senate President Matt Huffman, who represents Lima, may also be an obstacle to expanded cryptocurrency payments, the station reported. Huffman said risky cryptocurrency policies require a long, hard look. Meanwhile, Republican leaders in the state reportedly want Ohioans to be able to make all payments, including taxes, in cryptocurrency, and Ohio already has a policy allowing cryptocurrency payments for business filings and fees, with the state's Department of Natural Resources potentially set to begin accepting the payments as well, according to the same report.
Republican Figures and the Broader Crypto Push
The push in Ohio comes as prominent Republicans have embraced digital assets more broadly. Vivek Ramaswamy, a Republican candidate for Ohio governor, is invested in cryptocurrency and supports greater usage of digital assets, News 5 Cleveland reported; he has said Bitcoin represents a symbol and reminder of American greatness. President Donald Trump is also invested in cryptocurrency and supports greater usage of digital assets, according to the same report. LaRose himself had about $10,000 worth of Bitcoin as of last year, the station noted. Bitcoin, described as the largest cryptocurrency, was worth about $80,000 as of a recent Friday, down from about $120,000 a year earlier, per News 5 Cleveland's figures, and cryptocurrency generally can be traded, sold, and is stored in a digital database known as a blockchain.
Treasurer Sprague has tied the effort to broader economic resilience, saying Ohio should be among the most advanced states if the country enters a recession, according to News 5 Cleveland. Nationally, though, cryptocurrency has yet to catch on widely as a payment method. Less than 2% of U.S. consumers reported using cryptocurrency for payments in 2023 and 2024, down from nearly 3% in 2021 and 2022, according to the Federal Reserve Bank of Kansas City. Among those who do use crypto to pay, more than 35% cited the recipient's preference as their main reason in 2024, with speed, cost, and privacy trailing well behind, the bank's research found.
Where Crypto Payments Fit Nationally and Globally
Usage patterns vary across demographic groups. In 2024, 3.2% of Black consumers, 2.8% of Hispanic consumers, and 1.3% of white consumers reported paying with cryptocurrency, per the Kansas City Fed's data, while self-employed workers and those in family businesses had a 4.7% crypto-payment rate, down from 6.2% in 2022. Globally, cryptocurrency is legal in 45 of the 75 countries tracked by the Atlantic Council, partially banned in 20, and generally banned in 10, with 36 of those countries having regulations covering taxation, anti-money-laundering rules, consumer protection, and licensing. The council also notes that stablecoins are becoming a central focus of global crypto regulation, with 12 G20 economies addressing them through existing or proposed legislation.
Federal tax rules still apply regardless of how the payment is made. The IRS says taxpayers may have to report transactions involving digital assets such as cryptocurrency and NFTs on their tax returns, and its guidance treats virtual currency as property for federal income-tax purposes, according to the agency's published FAQ. For now, Ohio's experiment leaves the state watching closely whether other agencies beyond the Secretary of State's office follow suit, even as lawmakers like Huffman signal they are not ready to fully embrace the shift.
