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Corporations hesitant to accept cryptocurrency but demand for crypto payment services is growing

Big businesses are still a bit hesitant to accept cryptocurrency payments but there is a growing demand for crypto payment services suggesting that they are slowly warming up to the idea.

Image by Ricardo Goncalves from Pixabay

Tue, 07 Jul 2020, 12:41 pm UTC

Just last month, the cryptocurrency community was abuzz with rumors that one of the largest online payment systems of the world might be planning to go enter into the digital currency space. According to various reports, PayPal might be planning to sell cryptocurrency as a new service.

While PayPal has neither confirmed nor denied those rumors, its potential impact on the cryptocurrency industry is undeniable. With the online payment giant’s 325 million users all over the world, such a service could finally push cryptocurrency adoption into mainstream use.

“The importance of a global company like PayPal and Venmo getting into crypto is profound,” eToro managing director Guy Hirsch told Cointelegraph. “We’ll see more companies following the footsteps of Facebook, and now PayPal, to leverage crypto for cross-border payments, settlement, and other use cases needed to optimize for a global economy.”

“The future of payments is in cryptocurrencies and P2P transaction settlements. Whether you like it or not, it’s here to stay,” Crebaco founder and CEO Sidharth Sogani also said. “PayPal has been the leader in simplifying online payments, and that’s the reason it recognizes the simplicity and capability of cryptocurrencies.”

Yet, despite the enthusiasm within the cryptocurrency sector, research firm Garner noted that chief information officers of large companies are actually “very careful toward claims that bitcoin and other cryptocurrencies could succeed as a medium of exchange.” Garner’s study also pointed out that “there is a lack of clarity around accounting and tax treatments, and most merchants are not able to handle the cryptocurrency exchange risks.” Concerns were also raised about the lack of chargeback and dispute processes in a Credit Suisse report.

Another reason why companies in the states are a bit hesitant is the current tax treatment of cryptocurrencies in the U.S. is making them unattractive as a payment option. “You don’t have to pay capital gains on fiat accepted at your point of sale, and you shouldn’t have to do so with Bitcoin. For now, however, you do,” The Divi Project co-founder and the chief information officer Nick Saponaro said.

But Hirsh remains optimistic that companies will eventually see the advantages of accepting cryptos. “While there are local issues in every jurisdiction with taxes, regulations, and risk management, the benefits outweigh the downsides,” the eToro managing director added.

In fact, there is a growing demand from big corporations for crypto payment services. “There are several large organizations accepting crypto as payment from customers,” BitPay chief marketing officer Bill Zielke said. “We are seeing increased demand for crypto payment services.”

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