General

# Shopify Bitcoin payments integration triggers legal questions from the community

” Shopify Bitcoin payments integration triggers legal questions from the community “

Following the announced integration of the payment app Strike with e-commerce platform Shopify to accept Bitcoin (BTC) through the Lightning Network, the crypto community raised concerns over the legal implications of the move. 

Crypto researcher Matt Ahlborg believes that the event is a very significant development for BTC as it allows the offloading of BTC without the need to go through the know-your-customer (KYC) process. 


However, lawyer Kevin Thompson pointed out in a reply that the event is likely to make regulators frustrated. Being able to spend BTC without going through KYC enables users to dump BTC and avoid taxes according to Thompson. He predicts that regulators may respond to the event by “creating reporting requirements for Shopify.” 

Glennhodl, a Twitter user, also thinks that the government may take steps to address the issue of offloading BTC in major stores without doing KYC. However, he notes that while regulators can try to fight it, they won’t be able to really stop it. 

David Hood suggests not taxing low-value transactions. In a tweet, he commended the recent development but also explained that more people would “take advantage” of the integration if there are no taxes on the BTC purchases under $600.

Related: Singaporean fintech adds Bitcoin payments for merchants with BitPay partnership

Back in February, e-commerce giant eBay also hinted at the integration of crypto payments with its platform. In an interview, eBay CEO Jamie Iannone said that the company is eyeing different payment methods as they process billions of dollars in volume within their platform.

Meanwhile, the New York Digital Investment Group (NYDIG) recently launched a program that enables employees within participating companies to get paid in BTC. Through a Bitcoin Savings Plan, employees have the option to take a part of their pay in BTC without paying any transaction costs.

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.

For forums sites go to Forum.BuradaBiliyorum.Com

If you want to read more News articles, you can visit our General category.

Source

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close

Please allow ads on our site

Please consider supporting us by disabling your ad blocker!