One of the leading retail companies in the U.S., Overstock announced that it intends this year to start paying taxes in bitcoins. At least, the opportunity the company has in Ohio, where in 2018 the legislation was passed.
In a statement, founder and CEO of Overstock Patrick Byrne said the company is proud of the partnership with the government of Ohio, which “will help using technology to bring the era of confidence in the financial system of our country.”
“We have long been convinced that the sensible adoption of new technologies such as cryptocurrencies, in combination with the lack of legislative constraints will be the best way to help the US to maintain its leading position in the global economy,” said Patrick Byrne.
The law allowing registered companies in Ohio, pay taxes in bitcoins, was adopted in November 2018. In particular, the cryptocurrency can be used to pay all kinds of taxes and fees — excise taxes on cigarettes to insurance contributions for employees. In order to take advantage of this opportunity, employers must register on the portal OhioCrypto.com. Payment processing will be carried out with the mediation processing service BitPay, which will take bitcoin and convert it to Fiat.
Then in November it was reported that Patrick Byrne plans in early 2019 to sell the retail division of the company to focus on development of blockchain projects.
American online retailer Overstock has appeared on the market in 1999. Subsequently, the company became one of the pioneers developing the blockchain industry, in 2014 began to accept bitcoin.
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