Is it legal for businesses to use crypto transfers instead of international wire - page 2.

CryptoBry

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One of the many functions of cryptocurrency is money transfer as it certainly it can be easy to transfer funds in the form of a coin or even a token compared to the physical or fiat cash. As to legality, I think this is country-specific just look around your own country and its official stand on cryptocurrency. In many countries where cryptocurrency is recognized or legalized, there is no problem and there are possibly many business entities where you can convert your crypto into the local cash.

Irvinn

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Quote from: McDoublez on March 28, 2018, 11:15:21 AM

Is it legal yet to replace intl. wire transfers with crypto transfers as part of business and how would you record that in the books?

There is a general rule of doing business, which is enshrined in virtually all civil codes of states that everything that is not directly prohibited by law and does not contradict the generally recognized rules is allowed. There can only be problems with tax reporting, because accounting does not recognize arbitrary interpretations. It is good in this respect that Belarus has recently arrived, which has clarified these issues in a normative manner. Over time, all this will be regulated by regulatory enactments of other states.

supine

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Quote from: McDoublez on March 28, 2018, 11:15:21 AM

Is it legal yet to replace intl. wire transfers with crypto transfers as part of business and how would you record that in the books?

I think it's not regulated yet, and there's no guidelines as to how to record transactions and how to threat cryptocurrency in accounting. Maybe in the near future when cryptocurrency has everyone attention especially in business. I think that most businesses should start considering cryptocurrency as a means of monetary transaction and they should start adapting it since it bring a lot of convenience.

Aresion

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It's not regulated yet. We need to wait and see what will happen or should I say just what until it happens.
Just little more until crypto gets stronger.

stomachgrowls

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Quote from: McDoublez on March 28, 2018, 11:15:21 AM

Is it legal yet to replace intl. wire transfers with crypto transfers as part of business and how would you record that in the books?

If certain country do have such prohibitions or any regulation into any crypto related transactions then using it up as a part of business would really requires approval but in a country which doesnt any have contradictions with cryptocurrency transactions then using this thing would be possible. Recording in the books? Theres no need since you can eventually see transactions that had been made but though having description of each one of them wont be possible.

Leyss

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Quote from: McDoublez on March 28, 2018, 11:15:21 AM

Is it legal yet to replace intl. wire transfers with crypto transfers as part of business and how would you record that in the books?

For various organizations, the transfer of funds in the crypto currency is indeed a certain complexity, because the accounting for the tax authorities is strictly regulated there, and in most countries the crypto currency is not yet classified for its use in accounting. Recently, Belarus has done quite well, and now there are legal entities of various forms of ownership that do not have any problems with this. So far, various other institutions and organizations of different countries do this at their discretion, but they may later have problems with tax reporting.

xdrpx

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The legality of businesses accepting Bitcoins from international customers may depends from one country to another. The first approach would be to research online on the legality of accepting and transacting in Bitcoins and possibly utilizing a payment processing service like Bitpay for example to receive Bitcoins from customers and have it instantly converted and transfered into the companies bank account (Current account). There's a good case study here - https://blog.bitpay.com/b2b-bitcoin-payments/ on how a US cosmetics company could've used Bitcoins for receiving payments from Chinese customers which was a complex process of converting Yuan to Dollars in China and then send wire transfers from China to the US bank account. Also in general most businesses who accept credit card payments from international customers may require PCI checks for meeting security standards, these can also be overcome by using Bitcoins.

You could record Bitcoins as receipts under Accounts receivables or as a regular sales transactions with Bitcoin receipts instead of cash. There's a nice guide here on how to record receipts and payments (and deriving cost of goods sold) using quickbooks for Bitcoin transactions performed via payment processors like Bitpay - https://bitcoinmagazine.com/articles/using-bitcoin-with-quickbooks-part-1-recording-sales-and-accepting-payments-1385976677/

Palmerson

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Live cams shows pimped with cryptocurrency

Such transfers do not contradict any laws. But there are restrictions on the use of Fiat by enterprises. The business maintains its accounting records. You must confirm every action with Fiat. How will you confirm the move of Fiat via bitcoin? In accounting, you can show such transfers only through the issuance of cash.

McDoublez

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Is it legal yet to replace intl. wire transfers with crypto transfers as part of business and how would you record that in the books?

Topic: Is it legal for businesses to use crypto transfers instead of international wire - page 2. (Read 268 times)