Bitcoin [BTC] to be used for paying business taxes; US based company makes a first

In a major step for cryptocurrency adoption, Overstock, a US-based company, announced that the organization will pay its taxes using Bitcoin [BTC], the world’s largest cryptocurrency. The company stated that it will be paying a part of its business taxes to the state of Ohio in the form of virtual assets using the state’s dedicated cryptocurrency payment website, Ohiocrypto.com.

Patrick Byrne, the Chief Executive Officer [CEO] of Overstock had said:

“[Overstock] is 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.”

Byrne has always been a strong proponent of cryptocurrencies with a stance that the usage of cryptocurrencies will make transactions much simpler and faster. After Overstock’s latest reveal, the CEO further added:

“We have long thought that thoughtful governmental adoption of emerging technologies such as cryptocurrencies is the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy.”

The move makes Overstock one of the few companies in the United States who have embraced digital assets after 2018 laid the foundation for the entry of cryptocurrencies into public forums. Just a few months back Dash, another major cryptocurrency was accepted by AutoFair, a car dealership in New Hampshire. Derrick J Freeman, an official from AutoFair had then said:

“Most businesses that started accepting cryptocurrency were smaller, more marginal businesses, and we see that larger and larger businesses are accepting crypto. What normally happens is a business will accept digital cash often knowing that they can convert it to bank money. Yet almost always they learn about the benefits and decide to keep the digital cash themselves.”

Ohio’s foray into the cryptocurrency industry had made headlines a few weeks back when the state government announced that it will accept Bitcoin for 23 types of taxes. This rule made Ohio the first state in the US to accept cryptocurrencies as well as led to the creation of Ohiocrypto.com.

The website asks users to follow three important steps: register on the website, enter the required amount of tax to be paid including the tax period dates and finally use “the compatible cryptocurrency wallet to pay the invoice using Bitcoin”.