Thursday, June 20, 2019

Overstock Pays Commercial Tax Using Bitcoin In Ohio

Overstock, one of the most bitcoin-friendly companies in the world, now became the first major company to pay its tax dues in the state of Ohio– using bitcoin itself.

Ohio As The First US State To Allow Bitcoin Payment

As earlier reported in BTCNN, the state of Ohio expanded its support for digital tokens as the government accepted tax payments using bitcoins. To formally interest the people into using cryptos, the state partnered with BitPay that will then, convert the bitcoin paid into US dollars.

Although the state seems to be achieving a successful path in introducing bitcoin, there were no reported avenues of its impact in huge corporations until today.

Overstock Paid Taxes Using Bitcoin

Overstock CEO and founder Patrick Bryne, announced on January 3 that the company paid their commercial taxes using bitcoin– as implemented in Ohio.

Bryne claimed that Overstock became the first major company that paid Ohio’s commercial activities tax (CAT) using digital tokens.

As stated by the law, there will be an additional charge of 2.5 percent once the taxpayer uses a credit card. Yet, once he uses bitcoin to pay dues, the charge will be decreased down to 1 percent.

However, since Overstock paid its taxes earlier than the deadline, no additional charges were applied in the company.

Overstock Supports Ohio’s New Law

Overstock sincerely shared their excitement with Ohio’s plan for the next years with crypto and said that the company is assured to support them all the way through– using crypto.

“[Overstock] is 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.”

On the other hand, the state of Ohio also expressed their gratitude with Overstock as they kindly follow the newly implemented law of the state.

“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,” said Josh Mandel, Ohio Treasurer.

Ohio Plans To Widen Crypto Payment

Mandel furthered his speech stating how cryptocurrency payment will still be applied in 2020 and planning to allow other types of taxes into joining the bitcoin method of payment– since there were already 23 types of taxes that can be paid using BTC and BCH in Ohio.

Given that other states around the world already implemented the same type of tax payment, Overstock believes that Ohio’s action to take part in the crypto fuss gives the U.S. an idea to allow the same law for the whole country– in order not be left out in the financial market.

Thinking how cryptocurrencies entered its way to our national taxes made a stunning perspective that– out of all– the USA still conquers the new financial system.

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