Overstock Ready to Pay for Ohio State Business Taxes Using Bitcoin as Payment
Overstock is going to become the first company in the United States to pay its taxes using Bitcoin (BTC), the largest virtual currency in the matter. The information was released on January 3 by the company in a press release.
The company is set to pay a portion of its Ohio state business taxes using Bitcoin. In order to do so, the company will be using the taxpayer platform called OhioCrypto.com, which has been recently launched by the local government. Ohio is the first US state accepting Bitcoin as a means of payment for taxes.
Overstock CEO and Founder, Patrick M. Byrne commented:
“We have long thought that thoughtful governmental adoption of emerging technologies such as cryptocurrencies (when accompanied by non-restrictive legislation over these technologies) is the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy.”
He went on saying that they are proud to partner with governments and different officials such as Ohio and Treasurer Josh Mandel. This would help the technology to expand and improve the financial system.
Overstock started accepting virtual currencies for purchases on its website back in 2014. At the same time, the firm decided to launch a new blockchain subsidiary called Medici Ventures. At the moment, Medici Ventures is overseeing a portfolio of 19 companies that are working with blockchain technology.
Mr. Mandel is also very happy about the decision that was taken by Overstock. He said that their embrace of blockchain technology was ahead of its time.
If the new method to pay taxes using virtual currencies is successful, other states in the US could soon adopt similar platforms and expand cryptocurrency use cases.