Overstock is set to become the first national brand in America to pay their taxes in bitcoin, according to a press release issued by the firm. The online retailer announced on Thursday that it will "pay a portion of its Ohio state business taxes in bitcoin" using the state's recently announced crypto-tax payment platform, OhioCrypto.com.
“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,” said Overstock CEO and founder Patrick M. Byrne. “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.”
Launched in November 2018, OhioCrypto.com enabled Ohio businesses to register with the state government to pay some taxes with bitcoin. The tax portal is the brainchild of Ohio Treasurer Josh Mandel, who told The Block in an interview that he "wanted to [show] the rest of the country that Ohio is the national leader in embracing blockchain."
"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,” Mandel said.