Cryptocurrency-friendly online retailer Overstock, which has been accepting bitcoin payments since 2014, has recently revealed through an announcement on its investor portal that it will pay ‘a portion’ of its taxes using cryptocurrency in Ohio.
According to the announcement, the retail giant is using Ohio’s recently-launched OhioCrypto.com, a portal that allows taxpayers to pay taxes using the flagship cryptocurrency, to pay its commercial activity taxes (CAT) in Ohio.
Ohio’s initiative was announced back in November, when state Treasurer Josh Mandel, who has been in the office since 2011, revealed he sees bitcoin as a “legitimate form of currency,” and that the program will help Ohio stand out in cryptocurrency adoption.
The move will make Overstock the first business to pay its taxes in bitcoin. Commenting on it Patrick Byrne, the company’s founder and CEO, revealed Overstock was “proud to partner” with the state’s government and officials to “help usher in an era of trust through technology for our nation’s essential financial systems.”
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.
Ohio’s crypto initiative lets businesses and taxpayers pay in bitcoin b signing up on its OhioCrypto.com website, entering tax details, and sending over the payments using BTC. Before the Ohio Treasurer gets the funds, they go through BitPay, which converts them to USD.
In Overstock’s announcement, Mandel noted the state applauds the company’s move for “becoming the first national brand in America to register to pay taxes via cryptocurrency. Their embrace of blockchain technology was ahead of its time and we’re proud to have them join OhioCrypto.com.”
The online retailer has been heavily involved in the crypto space since 2014. It has launched a subsidiary, Medici Ventures, which sees it invest in blockchain companies, and it’s also developing a security token trading platform, tZERO.
Last year, the company revealed it’s planning on selling its decades-old retail business so it can go “all-in” on cryptocurrencies and blockchain technology. This would leave it with its Medici Ventures subsidiary and some funds, and at the time the announcement saw the prices of stock plummet.