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The retail giant Overstock.com, Inc. has announced that it will use cryptocurrency to pay corporate taxes owed to Ohio.
A press release from the company stated that the February payment of the commercial tax (CAT) via the OhioCrypto.com platform will make "the first major US company" to pay a portion of its digital currency tax.
Overstock CEO Patrick Byrne said he had planned the payment: "We have long thought that the government's thoughtful adoption of emerging technologies such as cryptocurrencies (if accompanied by non-restrictive legislation on these technologies) it is the best way to ensure that the United States does not lose our place in the forefront of the increasingly advanced global economy ".
He added that collaborating with Ohio officials to make the payment "will help usher in a" trust "through our nation's essential financial systems technology."
Ohio treasurer Josh Mandel was quoted in the same statement in the press that the embrace of Overstock's blockchain technology was ahead of its time and we are proud to have joined them at OhioCrypto.com. "
This is the last of Overstock's moves closer to the cryptocurrencies. The company has announced plans for tZero, a specific regulated exchange for token sales.
Through its subsidiary Medici Ventures, Overstock has invested in a wine futures trading platform managed by VinX. Doctors also invested $ 2.5 million in the blockchain Grainchain software provider, to monitor deliveries of agricultural products.
Last November Byrne said he was trying to sell his retail business to focus exclusively on the cryptocurrency industry and that the deal could be finalized at the start of this year.
The state of Ohio, through the Mandel initiative, launched its website accepting BTC payments last November. In addition to commercial activities, Ohio companies, even those that have not registered previously, could also pay an additional 22 taxes, including tobacco sales, public services, general sales, motor vehicle fuel and 911 Wireless. . Currently, personal taxes can not be paid via OhioCrypto.com.
The state charges a transaction fee of 1%, which he says is competitive next to a 2.5% commission for credit card payments.
As further proof of the cordiality of Ohio's cryptocurrency, its Warren Davidson House representative introduced a bill that categorizes the initial coin offerings (ICOs) as distinct from the headlines. Their settlement would be outside the reach of the US Securities and Exchange Commission (SEC), which has been criticized in some circles for not making it easier for companies to comply with regulations.
