Overstock Will Pay out Some of Its 2019 Taxes in Bitcoin

Digital retail large Overstock.com designs to pay back at minimum some of its taxes utilizing bitcoin this calendar year.

The corporation announced on its trader portal Thursday that it would pay back some of its point out professional exercise taxes in Ohio utilizing bitcoin, starting to be the initial important company to do so. Ohio announced past calendar year that it would make it possible for organizations to pay back taxes in bitcoin, nevertheless the payments would be converted into dollars by a 3rd social gathering just before the point out recognized them.

In a statement, Overstock CEO and founder Patrick Byrne mentioned the corporation was “proud to partner” with the Ohio federal government “to assist usher in an period of rely on via technology for our nation’s necessary financial units,” adding:

“We have extensive thought that considerate governmental adoption of emerging systems these types of as cryptocurrencies (when accompanied by non-restrictive legislation more than these systems) is the ideal way to ensure the U.S. does not eliminate our area at the forefront of the at any time-advancing international economy.”

Ohio announced in November 2018 that it would accept bitcoin for tax payments via a 3-stage system, where by organizations indicator up on the OhioCrypto.com portal, enter tax details and transmit the payment utilizing a compatible bitcoin wallet.

Bitcoin processor BitPay would then convert the cryptocurrency into a U.S. dollar equivalent, which would be passed to the place of work of the Ohio Treasurer.

Ohio point out treasurer Josh Mandel praised Overstock’s move, indicating the company’s “embrace of blockchain technology was forward of its time” in a statement Thursday.

Overstock has been accepting bitcoin as payment for purchases because 2014, and a subsidiary, Medici Ventures, acts as an expense wing in blockchain startups. The corporation is also producing a safety token investing system named tZERO.

Byrne has mentioned he designs to sell the flagship retail company early this calendar year, which would leave the corporation with Medici and a chunk of transform.

Overstock did not reply to a ask for for remark by push time.

Patrick Byrne image via CoinDesk archives