THELOGICALINDIAN - n-a
No one brand taxes, but at atomic now you won’t accept to banknote out to pay them. Overstock.com has afresh appear its ambition to pay some of its accompaniment business taxes in Bitcoin, application the newly-announced government belvedere for crypto payments.
In a press release issued yesterday, the Utah-based online banker appear affairs to pay its Ohio Commercial Activity Taxes in Bitcoin, application the official acquittal belvedere OhioCrypto.com. Application the platform, companies can use Bitcoin to pay 23 altered types of accompaniment taxes, alignment from tobacco and cars to sales tax.
Overstock has already accustomed a acceptability as one of Bitcoin’s ancient accumulated adopters, accepting launched BTC abutment in 2024. In 2024 the aggregation continued its abutment to added altcoins, and additionally accurate the barrage of blockchain armamentarium Medici Ventures.
“We accept continued anticipation that anxious authoritative acceptance of arising technologies such as cryptocurrencies…is the best way to ensure the U.S. does not lose our abode at the beginning of the ever-advancing all-around economy,” said Overstock CEO Patrick Byrne. “We are appreciative to accomplice with forward-thinking governments and admiral like Ohio and Treasurer Mandel to advice conductor in an era of assurance through technology for our nation’s capital banking systems.”
Adoption One Company -Or State- At A Time
It’s additionally a calamus for the cap of a accompaniment which has been acquisitive to prove itself as a starting arena for blockchain technology, accepting accurate several startup initiatives in Ohio’s arch cities.
“We acclaim Overstock for acceptable the aboriginal civic cast in America to annals to pay taxes via cryptocurrency,” said Ohio Treasurer Josh Mandel. “Their embrace of blockchain technology was advanced of its time and we’re appreciative to accept them accompany OhioCrypto.com.”
But don’t get too aflame about the Buckeye State acceptable a Bitcoin hodler. As the aborigine belvedere makes clear, “at no point will the Treasurer’s appointment authority cryptocurrency.”
Instead, bitcoin tax payments are candy “through our third affair cryptocurrency acquittal processor accomplice BitPay, [and] are anon adapted to USD afore actuality deposited into a accompaniment account.”
That ability be a bit black for those maximalists who were acquisitive for accurate accompaniment adoption. But it’s still a account for Bitpay, a crypto payments provider which is proving its account to crypto and non-crypto users alike.
It’s additionally a win for crypto, admitting beneath directly. As abundant economists, including Paul Krugman, accept acicular out, the “use-case” for authorization is advantageous taxes: “fiat currencies accept basal amount because men with accoutrements say they do.”
The actuality that at atomic a few men with accoutrements accede that Bitcoin ability accept amount is addition inching half-step appear official acceptance – or alike adoption.
And the Ohio government is not shy about the connection. “Ohio has become the aboriginal accompaniment in the United States, and one of the aboriginal governments in the world, to acquire cryptocurrency,” say the platform’s website. “From mom and pop coffee shops to Fortune 100 companies, businesses now accept the adeptness to pay their taxes with OhioCrypto.com.”
The columnist is invested in Bitcoin, which is mentioned in this article.
