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Overstock – the first major company in USA to pay business tax in Bitcoin

January 05, 2019 03:07:52 - One of the biggest retail company in the United States is known to have a friendly disposition towards cryptocurrency. And on Thursday they announced that the company will be paying part of its business taxes in the Ohio state using Bitcoin. They will be using the state’s website for cryptocurrency to pay for company’s commercial activities taxes for this year.

Overstock pays taxes in Bitcoin

In the Ohio state a payment service was launched for paying business taxes with Bitcoin and Bitcoin Cash in November. The Overstock company announced on January 3 that they were the first major U.S. company to pay a part of business taxes to the state using crypto. The CEO of Overstock Patrick Byrne in the announcement told that progressive state like Ohio will help for the U.S. not to be left behind during digital revolution. Byrne also believes in the importance of non-restrictive legislation for the crypto technologies. Here’s what he commented on this matter:

“We have long thought that intelligent governmental adoption of new technologies such as cryptocurrencies is the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy.

Overstock is proud to partner with forward-thinking governments and officials like Ohio, and treasurer Mandel to help getting in an era of trust through technology for our nation’s essential financial systems.”

Convenience from paying with digital actives

In Ohio there are 23 types of taxes that can be paid via BTC and BCH. And Overstock will be paying for its commercial activities tax (CAT). The treasurer from Ohio Josh Mandel explained the advantage of paying taxes with cryptocurrencies. The taxpayers who will be using credit cards have to pay a fee of 2.5 percent while paying with cryptocurrency incur only 1 percent. However, as Overstock had paid CAT earlier the deadline, it won’t incur any fees at all. Mandel also told about probability of adding more types of taxes and cryptocurrencies to the list. Now the government keeps a close eye on the situation with Overstock, keeping in mind that this method potentially becoming a new popular and convenient way for paying taxes.

“We applaud Overstock for becoming the first national brand in America to register to pay taxes with cryptocurrency. Their embrace of blockchain technology was ahead of its time and we’re proud to have them join,” commented Mandel.

Overstock is a very big retailing company in the U.S. and adding more payment methods for this industry will always attract more attention and customers to the company. Byrne is known for supporting cryptocurrency for some time so it was his initiative for accepting Bitcoin as a payment. In 2017 the company announced that they are accepting a wider range of cryptoactive types and now they even started working on their own blockchain project.

Josh Mandel in his recent interview said that he believes this method for paying taxes will add more convenience for companies like Overstock, and then expects to see other businesses to follow their example in using cryptocurrencies as payment.

Category: News

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