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Retail Behemoth Overstock to Pay Taxes in Ohio with Bitcoin

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Renowned retailer Overstock.com has declared that a part of its business taxes in Ohio would be paid for using bitcoin.

The development was made known on its official website.

Overstock would pay for commercial activity taxes (CAT) with Bitcoin beginning in February, using the cryptocurrency taxpayer platform, OhioCrypto.com.

Patrick Byrne, Overstock.com’s CEO and founder, who is also a longtime crypto enthusiast, expressed in the announcement that governmental adoption of cryptocurrencies and other nascent technologies, along with by warm legislation, is “the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy.”

Cointelegraph initially reported that Ohio became the very first United States state to accept Bitcoin as a payment method for taxes back in the month of November. The service is currently available only for businesses, but plans to extend the option to individual filers in future are already afoot.

Ohio State Treasurer Josh Mandel also said that the state could go beyond bitcoin and begin accepting other cryptocurrencies. Mandel also asserted this very same stance, revealing that Ohio plans to launch crypto payments for all taxpayers by 2020.

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