One of the most popular online hypermarkets in the USA, Overstock.com, announced that it will be the first large company to pay part of its Bitcoin cryptocurrency taxes (BTC) .
In a press release, the company announced that it intends to pay in BTC business tax (CAT) in Ohio. The state announced last year that it would allow paying taxes in the first cryptocurrency and launched a special platform for this, OhioCrypto.com . Bitcoins received by the platform are converted by the BitPay payment processor into US dollars, which are transferred to the state treasury.
“We welcome the fact that Overstock became the first national brand in America that registered to pay for taxes through cryptocurrency. Their use of blockchain technology was ahead of their time, and we are proud to have joined OhioCrypto.com , ”said Ohio Treasurer Josh Mandel.
Founder and CEO of Overstock.com, Patrick Byrne, noted that “the government’s thoughtful adoption of new technologies, such as cryptocurrencies , is the best way to ensure that the United States does not lose its place in the leading edge of an ever-evolving global economy.”
Overstock.com became the first major retailer to start accepting cryptocurrency for purchases on its website in 2014. That same year, the company founded Medici Ventures, a subsidiary company that focused entirely on the use of blockchain technology in existing industries, Overstock said in a statement.
Currently, Medici Ventures oversees a global portfolio of 19 projects, including the use of DLT technology in voting systems, supply chain tracking, the wine trading platform and the land registry transfer to the blockchain .
