Overstock, one of the leading US retail companies, has announced that it intends to start paying part of its bitcoin taxes this year. At least, the company has such an opportunity in Ohio, where in 2018 the relevant legislation was passed.
A statement from the founder and CEO of Overstock, Patrick Bern, says that the company is proud of its partnership with the Ohio government, which "will help us bring closer to the era of trust in the financial system of our country through technology."
“We have long been convinced that sensible adoption by the authorities of new technologies, such as cryptocurrencies, in combination with the absence of legislative restrictions will be the best way to help the US maintain its leading position in the global economy, ” said Patrick Bern.
A law allowing companies registered in Ohio to pay taxes in bitcoins was passed in November 2018 . In particular, the cryptocurrency can pay all types of taxes and fees – from excise taxes on cigarettes to insurance premiums for employees. In order to take advantage of this opportunity, entrepreneurs need to register on the OhioCrypto.com portal. Payment processing will be carried out through the processing service BitPay, which will accept the cryptocurrency and convert it to Fiat.
At the same time in November, it was reported that Patrick Bern plans to sell the retail division of the company in early 2019 in order to focus on the development of blockchain projects.
American online retailer Overstock appeared on the market in 1999. Subsequently, the company became one of the pioneers of the developing blockchain industry, back in 2014, it began to accept Bitcoin for payment.
Subscribe to BlockchainJournal news in Telegram: BlockchainJournal Live – the entire news feed, BlockchainJournal – the most important news and polls.
BlockchainJournal.news
