US MAJOR COMPANY, OVERSTOCK TO PAY TAXES WITH BITCOIN IN OHIO
It seems 2019 is going to be a productive year for the block chain industry and Crypto currencies, it is expected that there will be a mass adoption..
It should be noted that Ohio State in United States of America is now accepting bitcoin as a form of payments for taxes from the state based business. This was initiated by the State Treasurer Josh Mendal back in November 2018. Thus, several US states also initiated the bill to accept Crytocurrencies for tax payments, but the lawmakers keeps delaying the final passing.. Therefore Ohio is the first State to accept Crypto as Tax payments, though this is only for businesses for now, by 2020 individuals will be able to pay taxes with bitcoin and other cryptocurrencies.
A leading online retail and tech company in US, overstock.com, announced in their website that they will start paying their business Tax through the tax paying platform provided by the State of Ohio, ohiocrypto.com. Overstock is the first company to accept cryptocurrencies as payment back in 2014 and now they have registered to pay their taxes in bitcoin from February 2019.
>The CEO and founder Patrick M. Byrne stated in an interview that ‘governmental adoption of emerging technologies such as cryptocurrencies (when accompanied by non-restrictive legislation over these technologies) is the best way to ensure the U.S. does not lose it’s place at the forefront of the ever-advancing global economy.”
I think the acceptance of cryptocurrencies by government agencies is long overdue, the earlier they accept it, the better for the world economy. What Ohio is doing is commendable, hopefully other States and countries will follow suit..
To shop with overstock, visit their website, https://www.overstock.com they ship worldwide..