US Retail Giant Overstock to Use Bitcoin to Pay Its Taxes in Ohio

United States tradesman Overstock.com has announced it will compensate part of the business taxes in the state of Ohio using Bitcoin (BTC), according to an announcement on the website Jan. 3.

Overstock will cover blurb activity taxes (CAT) with Bitcoin starting February, using the recently launched cryptocurrency taxpayer platform, OhioCrypto.com.

The company’s CEO and owner Patrick Byrne — a longtime crypto fan — pronounced in the proclamation that bureaucratic adoption of cryptocurrencies and other rising technologies, accompanied by accessible legislation, is “the best way to safeguard the U.S. does not remove our place at the forefront of the ever-advancing tellurian economy.”

As Cointelegraph formerly reported, Ohio became the first U.S. state to accept Bitcoin as a remuneration process for taxes in November. The use is now available only for businesses, with reported skeleton to extend the choice to particular filers in future.

Ohio State Treasurer Josh Mandel told Cointelegraph that the state could go over Bitcoin and start usurpation other cryptocurrencies in an talk following the news.

In a new talk with business repository Fortune, Mandel reiterated this stance, also divulgence that Ohio skeleton to deliver crypto payments for all taxpayers by 2020.

Back in 2014, Overstock became the first vital association to accept Bitcoin following a partnership with crypto sell Coinbase.

Most recently, Byrne announced he would sell the sell arm of Overstock to concentration on blockchain by Feb 2019. Prior to that, the businessman had already sold 10 percent of his shares — totalling more than $20 million — to deposit them in Overstock’s blockchain-focused subsidiary, Medici Ventures.

Article source: https://cointelegraph.com/news/us-retail-giant-overstock-to-use-bitcoin-to-pay-its-taxes-in-ohio

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