Indiana and New Hampshire May Start Accepting Bitcoin For Tax Payments

Indiana and New Hampshire, two States in the U.S. have proposed a bill that will allow cryptocurrencies to be used for tax payments. The documents which were filed on January 24 and January 4 respectively, call for the adoption of virtual currencies in the area of taxation.

Indiana and New Hampshire May Join Ohio in Accepting Bitcoin

Indiana and New Hampshire may likely join Ohio to accept Bitcoin for tax payments. This is because a bill has been filed in either State and it requires the approval of the government for these digital assets to be used. In the case of Indiana, the current tax code will have to be amended in order to meet the proposed change.

Indiana’s House bill number 1683 was filed on January 24 and it states that one or more digital assets have to be selected to pay taxes. The asset will also be used for penalties, costs, special assessments, interests, among others. The document also says an exchange rate should be determined for the selected virtual asset(s).

New Hampshire’s Proposal for the Use of Virtual Assets for Taxes

New Hampshire’s House bill number 470-FN, on the other hand, was filed on January 4 and it seeks to allow “state agencies to accept cryptocurrencies for payments”. According to the document, the State Treasurer and other authorities involved, need to set up a framework that will allow virtual currencies to be used for tax and fee payments from July 1, 2020.

The bill also notes that the current policy in place is to return payments made in currencies other than the U.S. dollars to the payor. In addition, if the use of cryptocurrencies is approved, then their volatility could pose a problem. The document, therefore, proposes that tax payments received in Bitcoin should be converted to fiat in order to mitigate risk.

Potential for More U.S. States to Adopt Cryptocurrencies for Taxes

BTCNN on November 25 reported that Ohio, Texas is the first state in the U.S. to accept Bitcoin for taxes. The portal used to facilitate these transactions is ohiocrypto.com and Bitpay’s service has been employed. In January, Overstock announced that they will be the first company in Ohio to pay their taxes using the platform.

The approval of Bitcoin for tax payments in Ohio may have encouraged several other states to innovate. Reports also reveal that prior to the digital asset’s acceptance in the region, states like Georgia, Arizona, and Illinois and had made proposals. Unlike Ohio, the use of virtual assets never came to be.


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Author: Grace Joseph
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Brazil-Based Chain Store Now Accepting Payment for Goods Using Cryptos

Oásis Supermercados, a supermarket chain store in Rio de Janeiro, Brazil has made it known that it now accepts payment in the form of bitcoin cash (BCH), Litecoin(LTC), and bitcoin core (BTC). By doing this, it has joined the growing list of businesses in Brazil which now receives payments in the form of digital currency.

Oasis Supermercados Start to Accept Cryptos
Oasis Supermercados has announced that, since 18th of December 2018, its customers can now make payment for products using Bitcoin Cash, Litecoin, and Bitcoin. Once a customer selects which crypto to pay through, the system receives the digital coins and converts them to its equivalent in FIAT using a crypto payments processor called Coinwise. After three days, the payment processor will send Brazilian reals to the supermarket.

In Brazil, the acceptance of cryptocurrencies as payment for services rendered is now becoming a norm. However, this move by the supermarket a very important one.

A co-manager of the store, Douglas Andrade disclosed that Thiago, who is also his brother and co-manager developed the notion of accepting virtual currency at the supermarket after seeing a video on the subject and taking a further step of consulting a cryptocurrency brokage firm for more enlightenment.

He explained further that cryptocurrency purchase is similar to paying using credit cards, in a statement which reads:

“The client says which cryptocurrency he wants to pay, the operator types in reals and the system immediately converts to that crypto. Then just get the QR code and you’re done,”.

Training of Employees
The supermarket chain which consists of 2 stores with 90 employees out of which 20 are cash operators has a yearly turnover of up to $6.45 million (25 million reals). All the workers have received lessons on how to manage cryptocurrency purchases.

So far, no virtual currency payment have been completed since the payment method got launched, the public has however shown significant interest.


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Author: Joshua Tayo
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Canada Encourages Cannabis Sector to Transact Discreetly

The Office of the Privacy Commissioner of Canada has published a document advising Canadian citizens to use cash to conduct transactions pertaining to cannabis in order to protect personal information. In response to the guidance, Etoro market analyst Mati Greenspan has predicted the liberalization of Canada’s cannabis sector will bolster local privacy coin adoption.

Canadian Government Advises Consumers to Consider Privacy When Purchasing Cannabis

Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts Privacy Coin AdoptionThe office of the Canadian Privacy Commissioner has published a “guidance document” seeking to warn cannabis users of privacy concerns pertaining to transactions related to marijuana.

The document, titled “Protecting personal information: Cannabis transactions,” emphasizes that “Cannabis is illegal in most jurisdictions outside of Canada,” and as such, the personal information of cannabis users should be treated as “very sensitive.”

For example, the privacy commissioner highlights concerns that “some countries may deny entry to individuals if they know they have purchased cannabis, even lawfully.”

Cannabis Retailers Urged to Recognize Sensitivity of Customers’ Data

Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts Privacy Coin AdoptionThe commissioner pressures cannabis retailers to ensure that “adequate physical, technological, and organizational security measures are in place to safeguard personal information,” emphasizing that security processes “must recognize and respond to the sensitivity of this information.”

Where possible, the commissioner asks that retailers collect “the least amount of personal information” and “refrain from recording personal information” in order to minimize the impact from potential data breaches.

The document also recommends that retailers collect email addresses rather than names and addresses for mailing lists or memberships, and “only use video surveillance as a last resort.”

Privacy Commissioner Encourages Cannabis Consumers to Purchase With Cash

Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts Privacy Coin AdoptionThe commissioner emphasizes that cannabis purchasers take care not to provide more personal information that is necessary to retailers, noting that consumers may be required to show identification in order to verify age.

The guidelines also recommend that consumers ask retailers whether personal information is stored on servers located in Canada or overseas, encouraging consumers to only trade with retailers that host information in Canada.

The privacy commissioner also advises that consumers avoid conducting transactions using credit cards as such involve the collection of the credit card number and cardholder’s name. Instead, the commissioner encourages Canadians to consider using cash to conduct cannabis-related purchases.

Etoro Analyst Predicts Boost to Privacy Coin Adoption

Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts Privacy Coin AdoptionMati Greenspan, a market analyst for Etoro, took to Twitter to react to the privacy commissioner’s document, predicting that the government’s criticisms of the mainstream electronic payment infrastructure will likely boost the adoption of privacy coins among Canadian citizens.

“This will almost certainly increase the usage of privacy coins…in Canada,” Greenspan tweeted.


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Author: Samuel Haig 
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DENMARK HAS OVER 1,500 RESTAURANTS THAT ACCEPT BITCOIN

Strapped for cash with a bad case of the munchies? You’re in luck. If you live in Denmark, that is. You can now use your bitcoins again at Hungry.dk to order online takeaway from over 1,500 restaurants.

Denmark may be more famous for its pastries and its Vikings, but it seems the small Northern European country is breaking new terrain once again, just like its ancestors prior.

There aren’t all that many places that allow you to buy food with bitcoin and it’s not often that much of an incentive since you could end up losing out big time when the market goes up.

But still, it’s nice to know that there are companies blazing the trail for virtual currencies to use as a form of payment–and people who actually want to use their bitcoins in this way.

BUYING WITH BITCOINS ON HUNGRY.DK SINCE 2014

Actually, the fact that Hungry.dk accepts bitcoin payments isn’t really new since they were offering the service as far back as 2014 (light years when it comes to cryptocurrency evolution). However, as explained to Bitcoinist by a Hungry.dk representative:

We have accepted Bitcoins as a payment method for quite some time. We decided to remove the feature temporarily last year though because the average transaction time took too long, and the experience wasn’t the best.

The problems have since been solved, and we have added the option again… Hungry.dk handle the payment, so you will always be able to use Bitcoins with all the restaurants currently found on Hungry.dk.

Hungry.dk wasn’t the only merchant to cease bitcoin payments during the explosion in price and mass interest in 2017. In fact, last year may have seen an all-time high for bitcoin price $3826.25 +0.11% but it also caused an all-time low as far as merchant adoption was concerned.

We’re still waiting for the likes of Amazon and Apple to come around and, to be fair, sufficient demand from a bitcoin community comprised mainly of HODLers. But if you do find yourself in Copenhagen with a hunger attack, the option is there for you.


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Author: CHRISTINA COMBEN
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Experts Say Cryptocurrency Is Here To Stay, Will Be Used For Everyday Life

Cryptocurrency may be more than a hot trendy investment, it could become a part of everyday life.

               



Cryptocurrency may be more than a hot trendy investment, it could become a part of everyday life. For many of us, it’s something that’s out of reach that we leave for big investors. But we spoke with folks who say that’s already changing.

Jeff Flowers teaches chemistry at the College of San Mateo. He is also at the forefront of economic innovation.

He paid for his pastries at Dianda’s in San Mateo with a debit card loaded with Bitcoin and also did the same thing when he bought coffee.

“So what happened, I was able to buy a cup of coffee using cryptocurrency, using a BitPay debit card,” he said.

BitPay was founded in 2011. CEO Stephen Pair told us, “We launched a debit card that allows you with just a couple of taps on your phone convert bitcoin into a dollar balance that is spendable anywhere Visa is accepted.”

According to Pair, BitPay users spend anywhere from $500,000 to $1,000,000 a day.

San Francisco resident Marisha Sahay stores her Bitcoin using the Coinbase mobile wallet. She recently paid for drinks at Stookeys Club Moderne in San Francisco with Bitcoin.

Sahay hopes cryptocurrency will become the worldwide standard, eliminating the need to exchange money.

“I go to India I have to change dollars into rupees and then into dollars so I Iose a lot of money paying it to the government,” she said.

Stookey’s believes paying with cryptocurrency is the wave of the future. Co-owner Aaron Cole told ABC7, “I’m a big backer of it. It’s something that’s going to be pretty mainstream.”

How soon it becomes mainstream is a matter of opinion.

San Francisco-based futurist James Canton thinks that time is now.

“I think in 2018 we’re going to see a significant mainstreaming of cryptocurrency, particularly for purchasing more real things that people need,” he said. “You’ll be able to walk into grocery stores, be able to buy them for vacations and travel. You’ll be able to basically spend cryptocurrencies the way you spend dollars today.”

At least two online retailers have jumped onto the cryptocurrency bandwagon.

Purse IO sells discounted Amazon products and only accepts Bitcoin for payment.

Overstock.com expects to do $10 million in sales from people using cryptocurrencies.

“We’re in the business of making it easier for people to purchase stuff on our site whether that’s credit cards or Paypal or cyrptocurrency. That made sense to us,” said Overstock.com executive and board member Jonathan Johnson.

Johnson says he received his bonus in Bitcoin last year.

Flowers, who also serves as a consultant to several overseas banks, has also been paid in Bitcoin.

We even found an ATM at a neighborhood grocery store in San Francisco where you can both buy and sell cryptocurrency.

Mike Rothenberg of Rothenberg Ventures has followed this all closely.

“It’s pretty clear that electronic currency is here to stay,” he said. “And so you’re seeing a lot of hype.”


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author:  Michael Finney & Randall Yip
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REQ Shopify Deal Allows 600K Merchants to Accept Crypto

Requify will enable merchants to accept payments in coins such as Ether

The cryptocurrency payment system Request Network (REQ) has integrated with the Canadian e-commerce company Shopify, making the prospect of buying coffee with crypto a little more realistic.

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The move will see Shopify use Request Network’s processor, Requify, which will be available for users to accept payments in cryptocurrency.

Merchants can decide whether to adopt this new option and, akin to Paypal or Google Pay, the new Requify plugin will be presented to users as another option for buying products. Cryptocurrencies that will be accepted include Ether (ETH).

According to the Requify website, users will not face transaction fees as high as conventional credit or debit cards; it can also work across borders and will (reportedly) be more secure.

Based in the Canadian capital of Ottawa, Shopify is an e-commerce platform, which as of August 2017, has over 600,000 merchants, including a shop for the far-right American news source, Breitbart.

The battle to make crypto a viable currency has been a torturous saga, with the community frequently oscillating between hype and despair.

Over the past six months, plans to make cryptocurrencies like Bitcoin or Litecoin viable means to pay for goods and services have frequently come against major obstacles for real-world adoption.

Back in January, TenX, which had promised the release of payment cards that could be topped up with cryptocurrency, abruptly canceled on its followers, citing ‘external forces’ that turned out to be a slew of regulatory non-compliance issues with TenX’s card supplier, WaveCrest.

Similarly, LitePay, the much-vaunted application for users to pay for goods and services with Litecoin (LTC), sent the total value of LTC upwards to the tune of $7bn before the company’s proposed release date.

However a sudden postponement of services actually on launch-day quickly led to a collapse in confidence and following a car crash of an AMA with the company’s CEO, Ken Asare, LitePay ceased all operations at the end of March, which Crypto Briefing reported on at the time.

At the time of writing, TenX, which added Litecoin to its wallet app back in April, is still in the process of living up to its slogan of making cryptocurrencies spendable.

Crypto Payments: A Reality?

For many, memories of the LitePay debacle are still all too fresh but unlike previous processors that have effectively involved start-up companies, REQ’s integration with Shopify involves an established company, which according to its financial results for 2017, actually saw an 82% growth in gross profit last year.

Furthermore, rather than being the complete focus of the platform, the option to pay for goods in cryptocurrency remains just that: an option.

Put in perspective, the vast amount of payments processed on the Shopify platform will remain firmly in fiat, probably for a long time. Rather than staking a company’s success on the tentative adoption of crypto by fringes of the population, it becomes more of a choice for mainstream society.

“Fool me once, shame on you; fool me twice, shame on me”: former controversies have left the community embittered and wary of flash ways to pay for things in crypto.

The Request Network’s move to integrate with a profitable company that is far more than a vehicle for the greater adoption of crypto may be the best news yet for a community looking for stability and certainty.


Here at Dollar Destruction, we endeavor to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Paddy Baker
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