According to reports, United States based retailer, Overstock has revealed that it will pay a portion of its business taxes to the state of Ohio with Bitcoin (BTC). This news came to light in an announcement via the retailer’s website on Jan. 3.
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Overstock to Cover CAT With Bitcoin (BTC) From February 2019
As per the report about Overstock paying a portion of its business taxes in Bitcoin (BTC), the company will cover its commercial activity taxes (CAT) with the BTC digital currency starting February this year. They will facilitate the payment via OhioCrypto.com. OhioCrypto.com is a recently launched digital currency taxpayer platform designed to allow business taxpayers make payments in cryptocurrency. Ohio has been positive towards crypto in recent years. No wonder Byrne had a lot of positives to pick following the news.
Byrne: Adoption of Crypto and Emerging Technologies Along With Friendly Legislation Keeps the US in Front
Overstock’s founder Patrick Byrne who also has serves as the company’s CEO (is a longtime crypto bull) made some positive remarks about the move by his company in the announcement. According to him the governmental mass adoption of digital currencies and other similar emerging technologies, accompanied with friendly legislation towards the sector is arguably the best way to make sure the United States does not lose its place at the front of the steadily advancing global economy.
Ohio Was the First US State to Accept Tax Payments in Bitcoin (BTC)
It will appear the US state Ohio is the first among the many states in the United States to start accepting tax payments in Bitcoin (BTC). We can recall this from a previous report in November 2018 when Cointelegraph reported, that Ohio has become the first U.S. state to start accepting the Bitcoin (BTC) payment method for tax purposes. However, the service is now currently available for only businesses, although there are reported plans to extend the crypto option to individual taxpayers in the near future.
It seems the state of Ohio is buying into the concept of cryptocurrencies after the state treasurer of Ohio Josh Mandel revealed via an interview (after the news about Overstock paying a portion of its business taxes in Bitcoin) that the state may go beyond Bitcoin (BTC) and start to accept other virtual currencies as well. There’s more. During a recent interview with the US-based business magazine Fortune, the Ohio state treasurer reiterated his stance about the state broadening its crypto adoption initiative by accepting taxes in other tokens apart from BTC.
In the same interview, Mandel also revealed that Ohio plans to implement crypto payments for all taxpayers (not just businesses) by the year 2020. We can recall back in 2014, that Overstock became the first company to accept the Bitcoin (BTC) following a partnership with Coinbase exchange. Most recently, Byrne also announced that he would be selling the retail arm of his company to focus more on the Blockchain by February this year. Prior to that, the entrepreneur sold 10% of his shares worth at least $20 million to invest in Medici Ventures a Blockchain-based subsidiary of Overstock.