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US Retail Giant Overstock to Use Bitcoin to Pay Its Taxes in Ohio

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."

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.

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

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