Overstock will cover commercial activity taxes (CAT) with Bitcoin starting February, using the recently launched cryptocurrency taxpayer platform, OhioCrypto.com.
The company’s CEO and founder Patrick Byrne — a longtime crypto enthusiast — said in the announcement that governmental adoption of cryptocurrencies and other emerging technologies, accompanied by friendly legislation, is "the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy."
As Cointelegraph previously reported, Ohio became the first U.S. state to accept Bitcoin as a payment method for taxes in November. The service is currently available only for businesses, with reported plans to extend the option to individual filers in future.
Ohio State Treasurer Josh Mandel told Cointelegraph that the state could go beyond Bitcoin and start accepting other cryptocurrencies in an interview following the news.