Ohio Launches State-Backed Digital Wallet for Crypto Payments

Ohio has launched Buckeye Billfold, a state-backed digital wallet that allows residents and businesses to make payments to state agencies using cryptocurrency. The initiative was unveiled by Treasurer Robert Sprague alongside Secretary of State Frank LaRose, with the goal of reducing transaction costs and processing time for both government and citizens.

The digital wallet will support payment options including credit cards, ACH transfers, and cryptocurrency, while cash and check remain available as alternative methods. The key feature of Buckeye Billfold is its instant conversion to US dollars at the moment of the transaction, ensuring that the state receives fiat currency in its normal bank account without holding volatile assets.

This move follows a failed attempt by OhioCrypto in 2019, which was found to have not followed the proper process for authorization. However, after last year's authorization and the selection of Grant Street Group as the vendor to facilitate crypto acceptance, Buckeye Billfold is now available.