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Overstock to pay taxes in Ohio using Bitcoin

Overstock is set to be the first major company that will pay its taxes in the state of Ohio using Bitcoin. The move is possible thanks to the US state passing a law that allows individuals and companies to pay taxes using crypto. The online retail giant said the step was part of continuous efforts to promote the use of cryptocurrencies.

Overstock will lead the way by paying taxes using Bitcoin

Patrick Byrne, the founder, and CEO of Overstock praised Josh Mandel, the Treasury of Ohio for making the state the first to accept tax payments using Bitcoin. In a statement he said:

“We are proud to partner with forward-thinking governments and officials like Ohio and Treasurer Mandel to help usher in an era of trust through technology for our nation’s essential financial systems.”

Adding that for long he felt that thoughtful governmental adoption of emerging technologies like cryptocurrencies combined with non-restrictive legislation was the best way to ensure that the United States would not lose its place at the forefront of the ever-changing global economy.

The company will pay its commercial activity taxes in February of this year using Bitcoin in Ohio.

It’s to be noted that Overstock has long been a pioneer of cryptocurrencies among large companies. In 2014, the company became the first big major retailer to allow customers to pay in crypto for their online purchases.

In the same year, the company launched a business division known as Medici Ventures. The new platform was to apply the blockchain technology to existing industries. Fast forward in 2019 and Medici Ventures boasts a portfolio of 19 blockchain companies.

Last year in October, the blockchain platform invested $6 million in Minds, a DLT-based social media network which claims to be an alternative to Twitter, Facebook, and Youtube. The new platform promises no censorship and strict user privacy.

Interestingly, last November, Byrne said that he was quitting the retail business to focus on the blockchain. At the time he said he believed that the new technology would be bigger than the internet revolution.

What’s your take on Overstock paying its taxes using Bitcoin? Share your thoughts in the comment section below.  

coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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