Overstock.com, a digital retail behemoth, has reportedly planned to pay a part of their Ohio state taxes in Bitcoin this year. With this announcement on their investor portal, Overstock becomes the first major business house to make part-payment of their commercial activity taxes in Ohio with the help of Bitcoin.
Overstock to Pay Part of their Ohio State Commercial Taxes in Bitcoin
This decision was taken by the company after Ohio announced last year (in November 2018) that business entities can now pay their state taxes in terms of Bitcoin. Once the businesses make the tax payments in Bitcoin, the cryptocurrency will be first converted to US Dollars before being accepted by the Ohio state treasurer.
Patrick Byrne, CEO and Founder of Overstock.com, said that they are proud of partnering with Ohio government for ushering in an era of trust in the US financial system through the use of technology. He went on to add:
“We have long thought that thoughtful governmental adoption of emerging technologies such as cryptocurrencies (when accompanied by non-restrictive legislation over these technologies) is the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy.”
What’s the Process of Making Ohio Tax Payment through Bitcoin?
Back in November 2018, Ohio announced that businesses can make commercial tax payments through a 3-step process:
Step 1: The businesses have to register with OhioCrypto.com
Step 2: Enter their tax details
Step 3: Make payment of commercial taxes in Bitcoin through compatible Bitcoin wallet.
Once the payment is done, BitPay will convert Bitcoin to US Dollars. Once this conversion is done, the equivalent fiat money will be transferred to the Ohio Treasurer.
This recent announcement of Overstock.com was praised by Josh Mandel (state treasurer of Ohio). In a statement on Thursday, Josh said that Overstock’s decision of making part-payment of their commercial state taxes in terms of Bitcoin will help in embracing blockchain technology adoption. He called it a decision that is ahead of its time.
Is Something Cooking?
Reports claim that Patrick Byrne has plans of selling the retail business by February 2019 and go full throttle in cryptocurrency business. When Overstock.com is requested for comment on the report, the company didn’t respond till press time.
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