Overstock to pay some of its taxes in crypto

on Jan 4, 2019

US online retailer Overstock plans to pay some of its taxes in cryptocurrency, it has been announced.

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According to a January 3 press release, Overstock plans to pay its commercial activity taxes (CAT) in Ohio this February using a recently launched platform that allows Ohio-based tax payers to pay state business taxes with Bitcoin (BTC). This will make Overstock the first major US company to utilise the platform, called OhioCrypto.com.

“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,” Overstock’s chief executive officer Patrick M. Byrne said in the press release. “We are proud to partner with forward-thinking governments and officials like Ohio and Treasurer Mandel to help usher in an era of trust through technology for our nation’s essential financial systems.”

Ohio Treasurer Josh Mandel also welcomed the development, saying: “We applaud Overstock 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.”

In 2014, Overstock became the first major retailer to accept cryptocurrency payments on its website. Also that year the company launched a blockchain subsidiary called Medici Ventures.

In November 2018, Ohio became the first US state to offer its taxpayer the option to pay some of their taxes in digital currencies.