Ohio has been receiving tax payments in cryptocurrency Bitcoin since November 2018, but the retail industry has not been on board the taxation program so far. Overstock the online retail giant, however, is setting a new precedent in the United States (US) with a partial Bitcoin tax payment to the state of Ohio.
Overstock is lead by the chief executive officer (CEO) Patrick Byrne into the decision in a bid to bring cryptocurrencies to daily retail use. The plan to pay commercial activities tax (CAT) will be paid in Bitcoin starting this February 2019 was revealed in a statement on the official website.
Byrne also expressed that the payment is being made to ensure that the US authorities are on board the future technology as the world and the crypto market in the US progresses towards new horizons.
Byrne commented in the statement, “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.”
Overstock has been among the first batch of retailers advocating and accepting crypto payments at the online retail outlet. The giant has been performing exceptionally well and working on different blockchain projects through a subsidiary company.
The statement further revealed that the recently established online taxation portal OhioCrypto.com will be used to make the said tax payment.