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US retailer Overstock.com has announced that it will pay part of its business tax in the state of Ohio using Bitcoin (BTC), according to an announcement on its website on January 3rd.
Overstock will pay tax on commercial activities (CAT) with Bitcoin starting in February, using the recently launched cryptocurrency tax payer platform, OhioCrypto.com.
The CEO and founder of the company, Patrick Byrne, long enthusiastic about cryptography, said that the government's adoption of cryptocurrencies and other emerging technologies, accompanied by friendly legislation, is "the best way to ensure that the United States does not lose our place in the forefront of the global economy that always advances ".
As previously reported by Cointelegraph, Ohio became the first US state to accept Bitcoin as a payment method for taxes in November. The service is currently available only to companies, with plans to extend the option to individual filers in the future.
Ohio State Treasurer, Josh Mandel, told Cointelegraph that the state could go beyond Bitcoin and start accepting other cryptocurrencies in an interview after the news.
In a recent interview with the Fortune economic magazine, Mandel reiterated this position, also revealing that Ohio plans to introduce encryption payments for all taxpayers by 2020.
In 2014, Overstock became the first major company to accept Bitcoin following a partnership with the Coinbase cryptographic exchange.
More recently, Byrne announced that it will sell the Overstock retail division to focus on the blockchain by February 2019. Previously, the entrepreneur had already sold 10 percent of his shares – totaling over $ 20 million – to invest them in the Overstock branch blockchain, Medici Ventures.
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