United States retailer overstock.com has declared it'll pay a part of its business taxes within the state of Ohio using Bitcoin (BTC), as per an announcement on its website January. 3.

Overstock can cover commercial activity taxes (CAT) with Bitcoin starting Feb, using the recently launched cryptocurrency taxpayer platform, OhioCrypto.com.

The company’s CEO and founder Patrick Byrne — a longtime crypto enthusiast — aforesaid in the announcement that governmental adoption of cryptocurrencies and alternative emerging technologies, accompanied by friendly legislation, is "the best way to make sure the U.S. doesn't lose our place at the forefront of the ever-advancing global economy."

As Top Market Group antecedently reported, Ohio became the primary U.S. state to accept Bitcoin as a payment methodology for taxes in November. The service is presently out there just for businesses, with reported plans to increase the option to individual filers in future.

Ohio state treasurer josh Mandel told Top Market Group that the state might transcend Bitcoin and begin accepting different cryptocurrencies in an interview following the news.

In a recent interview with business magazine Fortune, Mandel reiterated this stance, conjointly revealing that Ohio plans to introduce crypto payments for all taxpayers by 2020.

Back in 2014, overstock became the primary major company to accept Bitcoin following a partnership with crypto exchange Coinbase.

Most recently, Byrne proclaimed he would sell the retail arm of overstock to concentrate on blockchain by Feb 2019. Before that, the entrepreneur had already sold 10 % of his shares — totalling over $20 million — to invest them in Overstock’s blockchain-focused subsidiary, Medici Ventures.

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