US Retail Giant Overstock Will Be Using Bitcoin to Pay Its Taxes in Ohio
Overstock.com, a United States retailer announces that the firm will pay off a part of their business taxes in the state of Ohio using Bitcoin (BTC). Starting February, Overstock will cover commercial activity taxes (CAT) with Bitcoin by using the recently launched cryptocurrency taxpayer platform, OhioCrypto.com.
Overstock’s CEO and founder Patrick Byrne, a longtime crypto enthusiast stated in the announcement published on their website on Jan. 3, that governmental adoption of cryptocurrencies and other emerging technologies, accompanied by friendly legislation, is “the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy.”
Back in November, Ohio became the first U.S. state to accept Bitcoin as a payment method for taxes. Currently, the service available only for businesses, with reported plans to extend the option to individual filers in the future. Following the news, Ohio State Treasurer Josh Mandel told Cointelegraph in an interview that the state could go beyond Bitcoin and start accepting other cryptocurrencies.
Mandel reiterated this stance in a recent interview with business magazine Fortune and revealed that Ohio plans to introduce crypto payments for all taxpayers by 2020.
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.