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It is just over a month that the Ohio state tax regulators have agreed to accept bitcoin taxes and the first leading company with a national presence to use this facility is the encrypted online retailer Overstock.com.
OhioCrypto, Bitcoin payments for taxes
Nearly a month after the state of Ohio announced a first payment portal called "OhioCrypto", which allowed companies to pay taxes using cryptocurrency. Crypto friendly online retailer Overstock.com announced that it would pay a portion of its tax on state assets using bitcoins.
According to an interview with Fortune magazine, Ohio State Treasurer, Josh Mandel, said the Bitcoin tax collection program was introduced with the aim of providing convenience to state businesses. This would also contribute to enhancing the status as a leader in the adoption of blockchain technology. To encourage businesses to use this facility, the state has decided to waive the bitcoin tariff for early birds like Overstock.com. Using bitcoins to pay taxes would still be judicious for tax payers, as the cost of the bitcoin payments service is only 1% compared to 2.5% which is currently charged to those who opt to pay by card. credit.
This initiative, introduced by the state regulators of Ohio as of now, covers 23 types of commercial taxes, including that which is charged in tobacco and fuel. For Overstock, the fees that can be paid via Bitcoin is the business tax (CAT), which applies to businesses with over $ 150,000 of receipts.
Mandel also argues that the state plans to extend this initiative to other types of taxes and individual taxpayers by 2020. The state also plans to add more cryptocurrencies to the portal in addition to Bitcoin.
An Ohio car dealer was the first company to use this service, but Overstock is the first leading company to accept this offer and start paying in criptos. Ohio State is currently using Bitpay portfolios to accept these payments.
Patrick M. Byrne, CEO of Overstock, was also quoted by Fortune Magazine. He said:
"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, "
Overstock has proven to believe in bitcoin and blockchain technology and is not only accepting cryptocurrency, but will now also use it to pay taxes.
Will other major companies follow in the footsteps of Overstock.com and use bitcoins to pay taxes? Let us know your opinions on the same
Summary
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Overstock online retailer becomes the first leading company to pay taxes using OhioCrypto
Description
It's been a little over a month that the Ohio state regulators have agreed to accept bitcoin fees and the first leading company with a national presence to use this structure is the encrypted online retailer Overstock.com
Author
Nilesh Maurya
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Coingape
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