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Overstock To Use Bitcoin For Paying Some Of Its Taxes

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Many supermarkets and shopping outlets have enabled cryptocurrencies as a payment system or in some other way. Crypto must have been efficiently performing in the system as a wide range of adoption of crypto is observed.

Recently, a US-based retail giant Overstock.com has declared its plan to pay a part of its taxes using Bitcoin this year. Detailing further, it stated that it would pay part of its business taxes in the state of Ohio using Bitcoin (BTC). Last year Ohio announced that it would allow businesses to pay taxes in Bitcoin. The crypto payments of taxes will be converted into dollars by a third party before the state accepted them.

Regarding this change, Overstock CEO and founder Patrick Byrne noted the company was “proud to partner” with the Ohio government “to help usher in an era of trust through technology for our nation’s essential financial systems. He added, “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 became the first U.S. state to allow bitcoin for tax payments. It is a three-step procedure, first is to sign up on the OhioCrypto.com portal, then enter tax details and transmit the payment through a bitcoin wallet. However, The service is only for businesses at present. The authorities are planning to expand the option to individual tax filers in the future. The state is also intending to accept other cryptocurrencies apart from Bitcoin as well.

Back in 2014, Overstock had initiated to accept Bitcoin as payment for purchases in collaboration with crypto giant Coinbase. Its subsidiary, Medici Ventures, operates as an investment wing in blockchain startups, which is also building a security token trading platform named tZERO.

Additionally, Byrne revealed his intention to sell the retail arm of Overstock to focus on blockchain by February 2019. This move will leave the company with Medici and a chunk of change. Previously, Byrne had already sold 10 percent of his shares which is equal to more than $20 million.

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