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The digital retail giant Overstock.com plans to pay at least some of its taxes using bitcoin this year.
The company announced on Thursday its investor portal that it would pay some of its state taxes on business in Ohio using bitcoins, becoming the first major company to do so. Ohio announced last year that it would allow companies to pay bitcoin fees, even if the payments were converted into dollars by a third party before the state accepted them.
In a statement, Overstock's CEO and founder, Patrick Byrne, stated that the company was "proud to collaborate" with the Government of Ohio "to help usher in a" trust "through technology for essential financial systems of our nation ", adding:
"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 first row in the global economy in constant progress ".
Ohio announced in November 2018 that it would accept bitcoins for tax payments through a three-step process, where companies sign up on the OhioCrypto.com portal, enter tax details and transmit payment using a compatible bitcoin wallet .
The Bitcoin BitPay processor will then convert the cryptocurrency into an equivalent in US dollars, which would be transferred to the Ohio Treasurer's office.
Ohio State Treasurer, Josh Mandel, praised Overstock's move, stating that "the embrace of blockchain technology was ahead of its time" in a statement released Thursday.
Overstock has accepted bitcoin as payment for purchases since 2014, and a subsidiary, Medici Ventures, serves as an investment wing in blockchain startups. The company is also developing a security token trading platform called tZERO.
Byrne said he plans to sell peak retail business at the start of this year, which would leave the company with Doctors and a piece of change.
Overstock has not responded to a request for comment by time of print.
Image of Patrick Byrne through the CoinDesk archives
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