Overstock, the digital retailer giant, intends to be the first major US company to pay at least some of its taxes by Bitcoin this year.
With Ohio supporting tax payments by Bitcoin since late 2018, Overstock announced on its investor portal Thursday (Jan 3) that it would pay part of its state business taxes using Bitcoin.
Overstock CEO and founder Patrick Byrne said the company was “proud to partner” with Ohio and praised Ohio Treasurer Josh Mandel for the help with “governmental adoption of emerging technologies such as cryptocurrency” to ensure US places “at the forefront of the ever-changing global economy”.
Ohio Treasurer Josh Mandel, whose idea it was to accept cryptocurrency payment for taxes, is also pleased that Overstock is “the first national brand in America to register to pay taxes via cryptocurrency”.
Overstock has long been a corporate pioneer for blockchain technology. The company was the very first online retailer to accept Bitcoin as payment for its goods since 2014. Its subsidiary Medici Venture acts as an investment wing for blockchain startups.
“You’re either ahead of the curve or behind”
In the past year, Eddie Hughes – a member of the British Parliament – has urged his Parliamentary colleagues to consider allowing people to pay local taxes and utility bills in Bitcoin.
He said that it is time for other members of the British Parliament to adapt themselves to cryptocurrency and blockchain practices because such disruptive technologies are here to stay.
The 50-year-old, a professed crypto enthusiast, believes wider acceptance of cryptocurrency is hindered by a lack of information and knowledge. He wants to see the UK “plant a flag” to take the lead in demonstrating how a similar scheme could work if the UK’s Royal National Lifeboat Institution could begin accepting cryptocurrency donations.