Will regulators roll on the floor tapping their feet and fists when they learn that payments in Bitcoin will be integrated into the Shopify e-commerce platform? According to the lawyer, Kevin Thompson, this could be the case. But is that going to slow down the movement of adoption of cryptocurrencies? This remains to be proven.
BTC on Shopify, good news for crypto?
The news could have had the effect of a bomb in the crypto ecosystem. But that doesn’t mean the entire Bitcoin community is unanimously optimistic. Indeed, issues that combine regulation and mass adoption are likely to emerge.
Researcher Matt Ahlborg, on the other hand, sides with the optimists. He also published a tweet about this integration. According to him, this announcement is a major event in the history of BTC. Indeed, this integration will be one of the first initiatives to exchange bitcoins for a material good without going through a KYC.
“What Jack Mallers is really saying is that you will soon be able to convert your Bitcoins in the real world without going through an exchange’s KYC. If true, this is actually an extremely substantial and important development for Bitcoin. »
For those who don’t know, Jack Mallers is the CEO of Zap. It is a bitcoin investment and payment company that transacts on the Lightning Network
>> Come get exposure to Bitcoin alongside industry-leading Binance (affiliate link) <
Pay in bitcoin, yes, but after tax
However, attorney Kevin Thomspon had some reservations. Because, according to him, this event, although important, could pose some administrative problems for the Shopify platform.
The main pitfall, according to the lawyer, is that buying goods in bitcoins risks “frustrating” regulators. Because this type of transaction will allow bitcoiners to get rid of their cryptos without going through the tax box.
Secondly, this event could encourage major stores to follow this initiative. Since e-commerce sites are their main competitors. Thompson is therefore anticipating an administrative and tax storm for Shopify from regulators.
“This will really frustrate regulators. The tweet below is obvious: if you can easily spend BTC through Shopify stores, it will be easy for people to throw BTC “off the network” and avoid taxes. Regulators will likely respond by creating declarative requirements for Shopify. »
Other Twitter users have spoken out about it. They also believe that the government will take steps to try to regulate purchases of physical goods in cryptocurrencies. However, they also believe that regulation will not be able to stop the bandwagon. In this case, it would be, for some, preferable to establish a tax exemption threshold. This would allow as many people as possible to take advantage of this integration and become familiar with cryptocurrencies.
Although the regulation can try to set up tax and administrative procedures at Shopify. It is not the only one to turn to payment solutions in BTC. Since the eBay boss had also hinted at integrating crypto payments on his platform. Which would also be a good vector for the mass adoption of cryptocurrencies. As eBay and Shopify – across all sites built on the platform – generate millions of dollars in daily transaction volume.
If at the end of this article you are still not convinced of the vital importance of taking the Bitcoin and cryptocurrency bandwagon, let’s say goodbye friends: nothing and no one will succeed! Failing that, don’t wait any longer to prepare for the future by going to register on the Binance platformTHE absolute benchmark in the sector (affiliate link).