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Bitcoin in stores, the impact of cryptocurrencies, tax returns

09/26/2019
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Stores in France will accept payment in bitcoins; SWIFT banking system is ranged against the use of cryptocurrencies for transactions. Accountants will help to fill out tax returns.

Stores in France Will Start Accepting Bitcoins

Next year in France, stores are planned to accept payments in bitcoin, the most popular cryptocurrency. Le Figaro, a major French publication, has published news that only 25 thousand stores are going to operate according to the new rule. It was possible to reach such agreements through the joint activity of companies that are engaged in the digital payments field.

East2PlayPayment and EasyWallet reported that they began to work in partnership with Global POS in order to encourage businesses to accept payments in bitcoins.

From the first quarter of 2020, cryptocurrency will be actively accepted as a means of payment in 30 new franchises. They include representative offices of such popular companies as Foot Locker, Conforama, Decathlon, Boulanger, Maison du Monde, Cultura, Intersport, Norauto and Sephora. It is assumed that visitors will make a purchase in a convenient way for them, and bitcoins will immediately be converted into euros, so none of the outlets will work directly with cryptocurrency. However, this will give a noticeable influx of buyers who have digital gold in the form of bitcoins in their wallet.

Global POS says that the global economy is moving to a new development stage, which may already be called as Economy 3.0. In addition to bitcoin, France’s trading networks are supposed to accept other popular cryptocurrencies. Stefan Gian, company’s director, says that the service they developed allows spending bitcoins; however in years ahead, other types of cryptocurrencies will be mastered in order to attract visitors.

In 2018, Le Figaro conducted a survey, which stated that about 3-6% of French citizens own cryptocurrencies. If the start of the described project is successful, the number of cryptocurrencies will increase significantly, especially with the help of Lightning Network, popular service, which contributes to project’s scalability.

Stores in France Will Start Accepting Bitcoins

Financial Industry is Changing Thanks to Cryptocurrencies

Yawar Shah, the chairman of SWIFT interbank payment system, is convinced that cryptocurrencies have greatly influenced the traditional financial industry. He predicts more significant impact in the years to come.

The emergence of new projects with cryptocurrencies, such as Libra by Facebook, as well as advanced technologies, is reflected in the financial industry leading it to strongest changes. This was said during the Sibos2019 conference.

SWIFT is used as a popular payment system between banks and financial institutions, which provides services to more than 11 thousand diverse institutions around the world. Analysts and experts of the company are constantly evaluating new threats, so they see a significant onslaught from advanced technologies and cryptocurrencies, which leads to the development of more and more new ways of organizing international transfers.

A short time ago, SWIFT representative criticized cryptocurrencies, which he called useless and unstable. The expert said that the interbank transfers system has a limitation, since transfers can be made only during working hours, but this is better than trusting electronic currencies, said he.

Many representatives of various fields see bitcoin and other cryptocurrencies as the means of transferring hidden payments, but this is also a trap for them, since there is no way to roll back the transaction, as when using traditional banking tools. A new vision of the global economy does not seem appropriate to all experts.

Financial Industry is Changing Thanks to Cryptocurrencies

H&R Block as Cryptocurrency Trading Tax Filling Assistant

H&R Block is an American accounting company that is ready to start consulting its clients, potential taxpayers, on the features and subtleties of filling out profit and loss declarations received during cryptocurrency trading.

The company issued a press release, which describes that the new service is created specifically for people who are directly related to digital assets. The company's experts are ready to hold all the necessary consultations on how to properly fill out tax returns on income and losses received in the course of cryptocurrency trading.

The service’s launch was originally implemented with the aim of assisting 10 thousand citizens who received a letter from the American tax service. The director of one of H&R Block divisions noted that many of these letters are sent in order for taxpayers to remember that the income received from cryptocurrencies sale is also subjected to mandatory taxation.

In some letters, people are required to give an answer or perform some other action. A feature of H&R Block activity is that the client can get comprehensive information about the particulars of filling out a declaration, as well as how to act correctly in a given situation, so as not to be under the control of government agencies.

In June 2019, the California Society of Accountants offered a suggestion on bringing some clarity to the rules for accounting and disclosure of information on cryptocurrencies by the tax authorities, since legislation in this area has not yet been spelled out accurately.

Now, cryptocurrency owners can continue to work on the exchange, and then fill out tax returns.

H&R Block as Cryptocurrency Trading Tax Filling Assistant

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