Get Off The Sideline. Crypto and Blockchain is moving super fast.
Income tax payers in the U.S. now have the option to receive their federal and state refunds in bitcoin.
Blockchain payments processor Bitpay announced the news on Tuesday, saying that the firm has partnered with U.S.-based taxation services provider Refundo for the service.
Refundo customers can choose to receive all or a portion of a tax refund in bitcoin using its CoinRT product. Taxpayers will have to set up an account to get a unique routing and account number to input on their tax return, according to the announcement.
They will also have to provide necessary background information for know-your-customer (KYC) rules, as well as a bitcoin wallet address. Once the Internal Revenue Service (IRS) or state has deposited the refund, BitPay will process the payment and send bitcoin to taxpayers’ wallets.
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More and more merchants are taking a long look at the pros and cons associated with selling their products and services for cryptocurrency.