Overstock.com to pay commercial activity taxes in Ohio in bitcoin

Overstock.com has announced its plans to pay to pay a portion of its Ohio state business taxes in bitcoin using the state’s new cryptocurrency taxpayer platform, OhioCrypto.com.

Last November, Ohio became the first state in the United States to accept bitcoin in tax bills. It is launched OhioCrypto.com platform allowing taxpayers to pay state business taxes with the digital currency.

In its official release, Overstock said that it plans to pay its commercial activity taxes (CAT) in Ohio this February using this platform.

Overstock started accepting cryptocurrency payments on its website back in 2014. In the same year, it founded its wholly-owned blockchain subsidiary Medici Ventures, which currently oversees a global portfolio of 19 companies building trust systems that utilize blockchain and other related technologies.

In November 2018, Overstock CEO and founder Patrick M. Byrne had revealed his plans to sell the firm’s retail business in the by February 2019 and focus on blockchain technology.

“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,” Byrne said. “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.”

Ohio Treasurer Josh Mandel welcomed Overstock’s decision saying:

“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.”