MultiversX Tracker is Live!

Businesses that accept crypto as payment

All Cryptocurrencies

by COINS NEWS 96 Views

How do you imagine that businesses will evolve to accept crypto as payment in the future.

I am not referring to any kind of payment that requires converting crypto to fiat. I am referring to direct crypto transactions between two wallets (customer and merchant/ business owner).

How far do you think we are from it based on the regulations of your countries? I live in Portugal, do you have any ideia of how it would work here or where you live (legally speaking)?

I imagine that due to volatility transactions would be done preferably using stable coins: customer converts any coin to stable coin accepted by the business, transfers the product listed cost in such coin to the seller which after confirming the reception of the funds would emit a receipt and liberate the goods.

Regarding the legal part I don’t have a clue of how this will work as government will obviously want to tax the transaction. Maybe implement a VAT transaction to a government wallet?

Let me know what you think!

Edit: as someone already mentioned VAT will not be an issue as it is something the seller needs to consider to be included in the price

Edit 2: Some of the issues hindering mass adoption as per my interpretation of your replies: - too much transparency which would not be useful for some legal scenarios - too complex for older people and for the infoexcluded in general - environmental concerns, although I would argue that the current financial system also has a huge toll on the environment, it’s a whole global industry - fiat is institutionalised and the institutions like it that way (ex: any business is required to have a bank account)

submitted by /u/Federal_Pie_8864
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments