Digital retail and e-commerce giant Overstock.com plans to make at least some of its tax payments using Bitcoin this year.
The company has issued an announcement on the investor portal and announced that it would use some of the taxes to be paid due to the state business activities in Ohio using Bitcoin. If the company has made this tax payment, it will receive the title of the first big business. The state of Ohio had announced last year that it would allow businesses to pay their taxes with Bitcoin, even though payments were converted into third-party dollars before states adopted crypto coins.
Overstock Proud to Pay with Bitcoin
Overstock CEO and founder Patrick Byrne said in his statement that the company is ada proud to act jointly with the Ohio government ine to help it take part in the age of trust created by the technology for our nation's compulsory financial systems usu and uses the following statements:
Cak For a long time (when these technologies are accompanied by non-restrictive regulations), it will ensure that the state-centered assumptions of the emerging technologies such as crypto coins will never lose the US's top position in the ever-evolving global economy. We thought this would be the best way for the US not to lose its top spot. Biz
The Ohio State announced in November 2018 that it would accept Bitcoin for tax payments through a three-step transaction, where businesses have registered on the OhioCrypto.com portal, entered details of tax payments and sent the payment using a compatible bitcoin wallet.
The Bitcoin payment system BitPay converts the crypto currency to the US Dollar that corresponds to the value of Bitcoin, and the converted amount is transferred to the Ohio Office of Accountancy.
Compliments to the Company
Ohio State Treasurer Josh Mandel praised Overstock's payment of taxes in this way, saying on Thursday that the company was "far ahead of the era at the embassy of block chain technology."
Since 2014, Overstock has accepted Bitcoin as a payment method for acquisitions and its subsidiary Medici Ventures is acting as an investment wing in block chain operations. The company is also developing a secure token trading platform called TZERO.
Byrne says he plans to sell his flagship retail business earlier this year, leaving the company with a large amount of money to leave Medici.
Let us know about the latest developments twitterFollow us, like our Facebook page and join our Telegram channel!
The post E-commerce Devi Will Pay With Bitcoin Taxes! appeared first on Kriptokoin.com.