The cryptocurrency landscape continues to evolve with blockchain solutions being developed in different sectors. This appears to be the case in the financial sector as Refundo a leading provider of tax-related service announces a major development today that shows crypto adoption is really growing high.
The platform has added Bitcoin Cash (BCH), Ethereum (ETH) and Ripple (XRP) as cryptocurrency options for receiving tax refunds. This development follows the aims of Refundo to become a major player within the crypto landscape.
The platform had last year introduced CoinRT, a service that enabled taxpayers to receive federal and state tax refund in Bitcoin (BTC). Since the inception of the service, thousands of users had taken advantage of it to receive rebates in the leading cryptocurrency (BTC).
Refundo had also made major gains in the tax financial services with the platform offering a flat fee of $34.95 for taxpayers to enable rebates via cryptocurrency. This had, in turn, saved many from hidden charges and check cashing fees attributed to traditional banking services.
Users would be required to create Refundo CoinRT accounts which would be assigned to unique routing and account number to input tax return. In addition, users would also be required to input KYC details as well as their BTC, ETH,XRP and BCH wallet address.
When the returns are paid by IRS, Refundo would process the refunds and pay the crypto equivalent to the taxpayers designated wallet.
Governments Across the World Looking to Increase Crypto Taxes
Cryptocurrency taxes have been a source of worry to many within the crypto community due to the policy of governments across the world.
Last year an Isreali court ruled that cryptocurrencies are taxable assets and not currencies, which strengthen the resolve of tax authorities in the country.
Similar notions have also occurred across the world with several amendments to tax laws, increasing the percentage of taxes paid on crypto profits. Newslogical recently reported that Korea was contemplating increasing crypto taxes to 20%.
This is one of the problems the crypto community is facing and 2020 could see more laws adopted by countries across the world.