Overstock will pay tax in the form of BTC

The giant of e-commerce from the USA, Overstock.com, announced that it will pay some taxes in the state of Ohio using Bitcoin (BTC).

Overstock wants to pay a business tax (CAT) in this innovative way. He will use the OhioCrypto.com special state platform for this.

The company’s CEO and its founder, Patrick Byrne – a longtime cryptocurrency enthusiast – told the media that the digital currencies accepted by the authorities and accompanying the entire process of setting up friendly legislation, that the US would not lose its leading position on the blockchain world scene.

Pioneer state

Ohio in November became the first state in the US, which accepted Bitcoin as a method of payment of taxes. However, the service is currently only available to companies, although plans are to extend this option to other groups of taxpayers. Ohio State Treasurer Josh Mandel told the media that the state could go beyond the Bitcoin realm and start accepting other cryptocurrencies as well. In a recent Fortune business magazine interview, Mandel reiterated his position, revealing also that Ohio plans to introduce tax payments in cryptocurrencies for all taxpayers by 2020.

Overstock is also a kind of pioneer. In 2014, the giant became the first large company to accept Bitcoin as a payment method for purchases. At that time, the platform started cooperation with the Coinbase cryptocurrency exchange.

Recently, Byrne also announced that he will be selling the retail part of the Overstock business to focus on blockchain projects. Previously, the entrepreneur has already sold 10 percent of his shares – worth more than USD 20 million in total – to invest in a blockchain subsidiary – Medici Ventures.

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