Overstock.com, Inc., an American internet retailer headquartered in Midvale, Utah, near Salt Lake City, in a recent statement on Thursday, Jan. 3rd 2019, announced that it’ll be paying a chunk of its business taxes in the Ohio state in Bitcoin (BTC), using the state’s new crypto tax portal –OhioCrypto.com. This makes Overstock, the 1st major US company to pay its taxes in cryptocurrency. Starting Feb. 2019, the company will be paying the commercial activity taxes (CAT), in Bitcoins.
According to the company’s CEO and Founder, Patrick Byrne, government’s intervention to adopt cryptocurrencies and other emerging technologies, along with friendly legislation, will ensure that the U.S. retains its place at the forefront of the ever-advancing global economy.
Overstock’s move to pay taxes in cryptos follows the earlier announcement of the Ohio state in Nov. 2018, to accept Bitcoin as a payment method for taxes. The crypto tax payment service is currently only available for businesses, however, reportedly the service’ extent will be extended to individual filers in near future.
Following Overstock’s move, Ohio State Treasurer, Josh Mandel, said that the state could even go past the Bitcoins and start accepting other cryptocurrencies for tax payments, creating a balanced crypto tax ecosystem. Mandel also disclosed the state’s plans to introduce crypto payments for all taxpayers by 2020.