The particular legislation of the state of Ohio has allowed the largest retail companies in the US Overstock to initiate the payment of taxes in bitcoin. Innovation will be applied in early 2019.
Overstock CEO Patrick Byrne is confident that this step will allow you to put technology to protect the interests of the financial system. In his opinion, thanks to the blockchain will be created the necessary level of trust. It is noteworthy that the translation work of the retail giant to pay taxes in bitcoin are held in collaboration with the government of the state of Ohio. Conversion to Fiat will be using BitPay’s processing center.
“We believe that the timely adoption of technologies by the authorities, through the formation of legislative framework that will allow America to maintain its preeminence in the global economy”, – commented on the news the CEO of Overstock.
The transition to work with cryptocurrencies will allow you to solve a number of problems (speed, data safety, and others), substantially reducing costs. As a result, the economy of the state will receive more profit, and the online retailer the opportunity to reduce costs.
It is noteworthy that the law allowing companies to pay taxes in crypto-currencies was adopted in the state in November 2018. Admission to the opening is through a mandatory registration on the state portal OhioCrypto.com.
Previously, experts suggested
to use the power of cryptocurrency to address the economic problems of Africa.