Treasurer Sprague Announces Launch of Buckeye Billfold Digital Wallet

Treasurer Sprague Announces Launch of Buckeye Billfold Digital Wallet

COLUMBUS -Ohio Treasurer Robert Sprague is proud to announce a new initiative that allows Ohioans to use a digital wallet to make payments to state agencies. Payment options under the Buckeye Billfold initiative will include credit cards, ACH (Automated Clearing House), and cryptocurrency. Cash and check will remain available as payment options for Ohioans.

"Modernizing the Treasurer's office and bringing our operations into the future of public finance has always been central to my administration," said Treasurer Sprague. "Through the Buckeye Billfold initiative, Ohio residents and businesses will be able to use cutting edge technology and conduct financial transactions in whatever payment method works best for them."

Ohio will become the first state to successfully authorize and promote statewide agency use and acceptance of digital asset payments. This effort will reduce overall costs of transactions and save time for both government and Ohioans. Under Buckeye Billfold, the digital currency will be converted to US dollars at the moment of transaction, so that an Ohioan is assured their payment has been made successfully, and the state receives the payment in its regular bank account.

"Ohio is leading the way by embracing Bitcoin and cryptocurrency innovation," said Ohio Secretary of State Frank LaRose. "By modernizing how Ohioans interact with state government, we are helping position our state at the forefront of the future digital economy. I look forward to continuing our partnership with Treasurer Sprague as we work to implement these cutting-edge payment solutions in our office."

A 2019 opinion issued by Attorney General Dave Yost found that a cryptocurrency payment program allowing Ohio businesses to pay taxes through a service called OhioCrypto.com did not follow the proper process to be authorized as a "financial transaction device" by the State Board of Deposit. Last year, the State Board of Deposit authorized the use of cryptocurrency and in September, Ohio Treasurer Robert Sprague and the State Board of Deposit unanimously approved Grant Street Group as the vendor to facilitate the acceptance of cryptocurrency payments for state fees and services.

"Unlike past attempts to use cryptocurrency for state taxes and fees, the Buckeye Billfold initiative is fully legally authorized and has been carefully developed and tested," said Sprague. "Innovation is part of our mission at the Treasurer's office and by offering a digital wallet that accepts cryptocurrency, Ohio is leading the way for other states and positioning itself to be ready for the modern global economy."

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