Money 2.0 is Making Tax Refunds a Simple Procedure!
New York-based tax service and product provider Refundo is now supporting state and federal tax refunds in popular altcoins Ethereum, XRP, and Bitcoin Cash through a partnership with crypto payment platform BitPay and Refundo’s own CoinRT service.
The new service launched last year with Bitcoin being the first supported cryptocurrency. The process of crypto refunds is simple: users register and verify with CoinRT, provide a cryptocurrency wallet address (BTC, BCH, ETH, or XRP), and receive account details. The IRS deposits the refund as normal and BitPay converts the refund into the chosen cryptocurrency.
“We love new technology and we’re always looking for opportunities to help our customers get access to their tax refund in a seamless manner and however they see fit.” – Refundo CEO Roger Chinchilla
Providing Clarity and Bringing Cryptocurrencies Mainstream
Allowing people to receive cryptocurrencies in this way is exactly what the space needs in terms of adoption and shaking off the stereotype of Bitcoin only being used for the buying and selling of illegal goods.
“When we launched support for Bitcoin last year, we knew we were just getting started. Cryptocurrencies are increasingly faster, lower cost, and fit the need of the underbanked.
We are pleased to be able to support BCH, ETC, and XRP and look forward to adding other cryptocurrencies in the near future.” – Refundo CEO Roger Chinchilla
It also adds some clarity to how financial institutions and governments view leading cryptocurrencies. Blockchain payment giant Ripple is undergoing a lawsuit claiming that XRP is a security. With the IRS allowing tax refunds to be converted into XRP, many are taking this as a positive sign that XRP is not a security but a currency/utility token.
This post is for educational purposes. All information used is referenced accordingly. This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.