The online retailer is the first national company to make an official move in support of the state’s new Bitcoin tax scheme.
Online retailer Overstock.com has become the first company to take advantage of Ohio’s new, crypto-inclusive tax system, as it will now be paying its taxes in Bitcoin.
The announcement follows the state’s recently-launched ‘OhioCrypto’: an online portal that enables businesses in the state to pay 23 different business taxes in Bitcoin, including tobacco and fuel charges. Though Overstock isn’t the very first company to pay its taxes in Bitcoin (that title belongs to an Ohio-based auto dealer), it is the first national one that plans to handle its payments using the crypto.
As reported by Fortune, the online retailer will only be paying the Commercial Activity Tax, which is required from companies with over $150,000 in receipts.
In November, we reported that Ohio had become the first state in the USA to accept Bitcoin as payment for 23 different business taxes. According to state Treasurer Josh Mandel, the newly-dubbed “Ohiocrypto” was introduced as a convenient way for businesses to pay taxes in the state, while also “working to help make Ohio a national in blockchain technology.”
Overstock CEO Patrick M. Byrne supports the state’s move toward crypto payments, expressing his belief that adoption could help the U.S.A maintain its central presence in the global economy.
“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,” he told Fortune.
As reported by the magazine, Ohio is using the Atlanta-based platform Bitpay to receive the Bitcoin payments, before remitting them to the state in U.S dollars.
What’s more, Ohio has expressed its interest in enabling tax payments in other cryptocurrencies, placing Ohio at the forefront of crypto adoption in the USA.