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Internet retailer Overstock has announced it plans to become the first major US-based company to pay part of its tax on state-owned businesses in Ohio using Bitcoin.
Taxes with Bitcoin
According to its investor portal, US online retailer Overstock is willing to pay a portion of its Ohio state tax status using Bitcoin. Presumably, by doing so, the retailer will become the first major US company to pay taxes using the digital currency.
Speaking on the issue was Patrick M. Byrne, CEO and founder of Overstock, who noted:
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. line in the global economy in continuous progress. […] We are proud to partner with far-sighted governments and officials such as Ohio and treasurer Mandel to help usher in a "trust" through our nation's essential financial systems technology.
At the beginning of November, Bitcoinist reported that Overstock's stock price soared when the company announced plans to sell its retail-oriented business and focus on previously acquired blockchain startups.
& # 39; Early on the times & # 39;
Paying taxes with Bitcoin in Ohio became possible at the end of November 2018 on OhioCrypto.com.
According to the state treasurer John Mandel, who opened the way to the idea, Overstock's move to pay taxes with the cryptocurrency is "ahead of its time":
We applaud Overstock to become the first national brand in America to register to pay taxes via cryptocurrency. Their approach to blockchain technology was ahead of its time and we are proud to have them join OhioCrypto.com.
In an interview for Fortuna, Mandel also added that paying taxes with Bitcoin reveals some financial benefits. According to him, taxpayers who use credit cards pay 2.5 percent service tax, while those who use Bitcoin will only incur a commission of 1 percent. The first filers like Overstock, however, will not incur any cost.
What do you think of Overstock paying part of its state tax on businesses in Ohio using Bitcoin? Do not hesitate to let us know in the comments below!
Images courtesy of Shutterstock
