Overstock considers payment of Ohio taxes in cryptos

Posted 04 January, 2019

US-based retail company – Overstock – plans to use bitcoin for some tax payments, in particular in Ohio state. 

"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,” commented in the press release Patrick M. Byrne, Overstock CEO and founder.

For reference, the company will be able to apply for such payments in Ohio thanks to the stance of the state authorities towards the crypto regulation on this issue. The state became the first state in the USA to allow tax payments in cryptos last November. At present, this service is open for the business, though individuals may also benefit these options in the long run. Still, payments can be made only in bitcoin so far.

“We applaud Overstock for becoming the first national brand in America to register to pay taxes via cryptocurrency. Their embrace of blockchain technology was ahead of its time and we’re proud to have them join OhioCrypto.com,” commented Ohio Treasurer Josh Mandel. 

It is worth mentioning that Overstock became the first leading retailer that started accepting cryptocurrencies for purchases in 2014. Besides, the company CEO earlier stated that the retail business could be sold to make focus only on the blockchain area in 2019.

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