A few months ago, Ohio State decided to accept taxes in the form of bitcoin. It was decided by the Ohio Treasurer office to allow bitcoin as a mode of payment for twenty-three kinds of business taxes. Therefore in a very recent, the American retail giant, Overstock, decided to avail the opportunity of paying their taxes by using bitcoin. It is expected that Overstock will start paying its cover commercial activity taxes (CAT) in February by using bitcoin.
Regarding bitcoin to be used as a mode of payment for taxes, the founder of Blockchain Society at the University of Washington, Mitchell Moos said that it was the first step for cryptocurrency to replace the fiat. Dan Rocky Aigens, a cryptocurrency enthusiast and trader who works as a senior SAP consultant at Approxima, talked to BlockPublisher to share his views on bitcoin. Regarding bitcoin, he said:
A decentralized monetary system designed to be out of control of any organization or government.
In 2014, Overstock was the first major company to accept bitcoin and now the firm is looking forward to use it for tax payments. The founder and CEO of Overstock, Patrick M. Byrne, was seen very optimistic on government’s effort to adopt cryptocurrency to ensure that the U.S had a strong position at the global economy. Ohio Treasurer, Josh Mandel welcomed Overstock on registering itself to pay taxes using bitcoin while using Ohio’s new cryptocurrency taxpayer platform, OhioCrypto.com.
After seeing Ohio State, other countries are pondering over the use of bitcoin for taxes as well. Last month, a member of parliament for Walsall North, Eddie Hughes urged his fellow MPs to acquire knowledge of cryptocurrency and blockchain as both of these were widely talked about in the UK. Eddie also suggested paying council taxes and other bills while using bitcoin after the news of Ohio State came into the light. In the future, we can expect many countries to reveal their plans and stances for regulating cryptocurrency for tax payments.