- Overstock says it’s interested in remitting its CAT tax with bitcoin
- Ohio Treasurer, Josh Mandel has reportedly hinted that bitcoin payments attract only a meager fee of 1 percent as compared to the 2.5 percent other payment methods incur
- Overstock has become the second firm to pay taxes with bitcoin in Ohio, says Mandel
Overstock, a leading U.S.-based online retailer, has announced it would pay a part of its business taxes to the Ohio tax authority using the world’s flagship blockchain technology-powered cryptocurrency, bitcoin, via the state’s cryptocurrency tax remittance platform, OhioCrypto, according to a press release on January 3, 2018.
Overstock Pays Taxes with Cryptocurrency
Per sources close to the matter, highly reputed American online retail store, Overstock has entered the history books as the first firm with a national presence in the United States to remit taxes using cryptocurrency.
As reported by Blockchain Reporter, in November 2018, crypto-friendly Ohio State made it legal for local businesses to pay their taxes with crypto through a dedicated portal known as OhioCrypto.com.
Following this massive milestone for the U.S. and global cryptocurrency ecosystem, Overstock is now looking to take advantage of the flexibility, freedom, and cost-efficiency that comes with cryptos, to remit its CAT taxes with bitcoin.
Commenting on the development, the CEO of Overstock, Patrick M. Byrne reiterated that amenable cryptocurrency regulations are essential to ensure that the United States does not lose its place as a leader in the fast-evolving global economy.
“We are excited to partner with forward-thinking governments and officials like Ohio and Treasurer Josh Mandel to help usher in an era of trust through technology for our nation’s essential financial systems,” he added.
Overstock has now successfully become the second firm in Ohio and the first established American brand to carry out its tax remittance using bitcoin.
A significant indication that digital assets are slowly but steadily achieving mainstream adoption.
Ohio to Offer Business and Individuals More Crypto Payment Options Next Year
At current, firms in Ohio can pay up to 23 different types of business taxes using bitcoin (BTC), and this payment option reportedly incurs only a 1 percent service fee, which is more cost efficient than the 2.5 percent obtainable with credit cards.
Going forward, Treasurer Josh Mandel, who’s a die-hard cryptocurrency and distributed ledger technology (DLT) enthusiast has reportedly made it clear that the state plans to expand its crypto tax payment program to allow businesses as well as individual hodlers to file all types of taxes by 2020.
That’s not all; the state is also actively working towards integrating other cryptoassets to make it more convenient for everyone.
“We applaud Overstock for becoming the first national brand in America to register to pay taxes via cryptocurrency,” said Mandel, adding “Their embrace of blockchain technology was ahead of its time, and we are proud to have them join OhioCrypto.com.”
