Overstock will become the first major US company to pay their taxes in Bitcoin

04 Jan, 2019 | Updated: 04 Jan, 2019
by Will Heasman
Adoption
Overstock will become the first major US company to pay their taxes in Bitcoin

According to a press release, online retailer and pioneer of blockchain tech - Overstock -  have opted to pay a portion of the Ohio state business tax in Bitcoin (BTC)

Overstock will make history as the first major US company to pay its taxes in BTC. Overstock will use the emergent OhioCrypto.com, the states innovative new way to pay business taxes.

In a statement Overstock CEO and founder Patrick M. Byrne spoke of the adoption of BTC payments by Ohio, elaborating upon the necessity of such initiatives:

“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. 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.”   

Ohio announced the bullish news that they would accept cryptocurrency for business taxes back in November. BTC payments are processed by leading crypto processor, BitPay which assumes any risk associated with volatility and market fluctuations during the payment processing and the subsequent conversion into USD. 

Ohio Treasurer, Josh Mandel gave credit to Overstock for becoming a first mover: 

“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,”.

Read more: Now you can pay your taxes in Bitcoin (in Ohio)

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