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Overstock pays corporate taxes in Bitcoin
According to a press release from the Investor portal of Overstock.com, the Salt Lake City-based company, which is headquartered in chains and an online retailer, will begin to pay its commercial fees with Bitcoin (BTC). You might think: the United States seems to avoid the crypt as if it were the plague, so how is it possible?
Well, as reported by Ethereum World News earlier, for a piece of the Wall Street Journal, an Ohio politician, treasurer Josh Mandel, pushed his state to accept BTC for 28 types of business tax, ranging from from taxes on cigarette sales to labor taxes. To support this effort, Mandel, a lesser known Bitcoin enthusiast, has launched OhioCrypto.com, which allows interested companies to register for the service.
Not surprisingly, Ohio accepts payments via BitPay, which converts Bitcoin payments into fiat for government bonds. But this means of adoption was appreciated anyway.
For the aforementioned version, from now on, Overstock will pay a "portion of its Ohio state status tax to Bitcoin" via the aforementioned platform. More specifically, the online retailer, which has grossed $ 1.74 billion in revenue in 2017, will pay taxes on commercial activities with BTC. Speaking of the matter, the fervent supporter of the blockchain and the head of Overstock, Patrick Byrne, declared:
We have long thought that the thoughtful adoption by the government of emerging technologies such as cryptocurrencies (if accompanied by non-restrictive legislation on these technologies) is the best way to ensure that the United States does not lose our place in the first place. row in the global economy in constant progress
Byrne added that he is happy to be friends with Ohio and Mandel, as the efforts of the two will help "usher in a new era of trust through technology", particularly in the financial system.
Interestingly, Mandel recently said that Ohio plans to introduce cryptocurrency payments support for all forms of taxes by 2020.
Overstock is still bullish on Blockchain technologies
This movement only accentuates the fact that Overstock is bullish on blockchain technologies and by-products of this innovation.
The WSJ recently explained that tZero, a blockchain-based trading platform that is a subsidiary of Overstock, is burning money faster than many can pronounce "HODL". More specifically, the blockchain branch of Overstock reportedly is burning at $ 2 million a month, with seemingly little to no results. However, Byrne, speaking to the Journal in an interview, exclaimed that his company has "got a cold fusion on the blockchain side", indicating that despite the lack of public knowledge on tZero, progress has been made behind the scenes. at an unmatched pace. Bryne went on to say how optimistic his company is about this innovation.
In fact, Overstock is so optimistic about the blockchain technology that the company intends to cut (sell / liquidate) its retail weapons, before becoming a real blockchain startup. But at the moment, this seems to be a quixotic dream, given that the shareholders of Overstock do not seem to be too happy with the idea, especially as the stock continues to move lower and lower.
But, with great effort, the American company could eventually move all-in on blockchain and cryptocurrency: it's just a matter of time. So, Overstock may be the only company that catapults this nascent technology onto the global stage, especially because it shows its "skin in the game" that pays corporate taxes with BTC.
BTC and image of the title of the graphic courtesy of Andre Francois Mckenzie Via Unsplash
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