While some naysayers still insist on associating cryptocurrency with tax avoidance, leading online retailer Overstock.com Inc is set to become the first major U.S. company to pay a portion of its Ohio state business taxes in Bitcoin.
The company plans to use the newly-launched Ohiocrypto.com website to pay its commercial activity taxes (CAT) in Ohio this February.
Ohio Treasurer Josh Mandel, whose State is the first in the U.S. to offer a cryptocurrency payment system for state business taxes, was full of praise for the move; ““We applaud Overstock for becoming the first national brand in America to register to pay taxes via cryptocurrency. Their embrace of blockchain technology was ahead of its time and we’re proud to have them join OhioCrypto.com”.
Overstock has always been quick to incorporate cryptocurrency into its working practices, indeed, in 2014 it became the first major retailer to accept cryptocurrency for purchases on its website.
CEO and founder Patrick M. Byrne said of his companies latest move towards crypto adoption;
“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. We are proud to partner with forward-thinking governments and officials like Ohio and Treasurer Mandel to help usher in an era of trust through technology for our nation’s essential financial systems.”
Overstock also founded Medici Ventures back in 2014. The blockchain subsidiary focused on applying blockchain technologies to existing industries has grown a portfolio of 19 companies globally.
Back in November 2018, Byrne announced plans for Overstock to sell off its retail arm in order to focus on blockchain initiatives, which also include tZERO, a security token platform.