Retail Giant Overstock to Pay 2019 Taxes in Bitcoin
U.S major retailer Overstock.com earlier this year noted that it would pay part of its taxes using top cryptocurrency Bitcoin (BTC).
The company’s payment of part of its 2019 taxes for the state of Ohio in crypto would constitute the first time a leading global business has moved to honor tax obligations using cryptocurrency.
Overstock’s announcement follows an earlier history-making announcement by the Ohio tax office that residents and business in the state would, beginning this year, settle various taxes using Bitcoin.
Ohio noted that all taxes would be made via a third party payment processor that would then convert the cryptocurrency into U.S. dollars. As such, although locals could pay taxes for up to 23 different items, the state would not hold any bitcoin.
Patrick Byrne, Overstock’s CEO and founder, reportedly said that the company was proud to partner with the government of Ohio and that the partnership is set to welcome a new trustworthy period through technology for the state’s financial system.
Byrne added that the retailer has always believed that it would be vital for governments to adopt emerging technologies like cryptocurrencies, and do so with “non-restrictive legislation.”
According to him, the move by the Ohio state government meant the U.S. had taken one more step forward in leading the world towards adopting crypto as a global economy.
Ohio announced in November 2018 that residents and businesses wishing to pay taxes in crypto would do so via its portal at OhioCrypto.com. The taxes would be processed by bitcoin payments processor BitPay.
Ohio state treasurer Josh Mandel complimented Overstock’s step, noting that company’s recognition and support for blockchain technology made for a big step in the march for mainstream adoption.
It won’t be the first time Overstock.com will be using Bitcoin. As one of the earliest companies to support payments made using digital assets, Overstock has allowed its customers to pay for goods using bitcoin since 2014.
The company’s venture arm and holding company, Medici Ventures, has been actively involved in the investment field supporting blockchain and cryptocurrency startups.
The firm also launched its security token trading platform called tZERO—seen as the next big step in crypto investing.
With Ohio recently stating that two businesses have paid their state taxes using bitcoin, the feeling that Overstock could be one of them may not be that far-fetched. If not, then the retail giant could just be adding to that number.