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Author Topic: Is it legal for businesses to use crypto transfers instead of international wire  (Read 108 times)
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April 03, 2018, 11:41:41 AM
 #21


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?
That is what the main reason behind the bitcoin invention but in many countries the crypto currencies are not yet regulate so you don't get any support from the governments if there is any issues regarding to that kind of payments.So only do the crypto transactions with trusted parties and the transactions can't be recorded since it is anonymous.

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April 04, 2018, 09:22:38 AM
 #22


It's better to check before doing this and if any of the chosen countries is featured with the given prohibitions then you need to get permission.
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April 04, 2018, 07:05:44 PM
 #23

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.

That’s true. Since cryptocurrency is not recognized as regular use for payment system, then it may not apply as a substitute for wire transfer. It’s not illegal and it’s allowed to be done however the issue here would be the currency. Since fiat currency is recognized legal tender whereas crypto is not in most countries, then the wire transfer may not become valid through the use of crypto.
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April 05, 2018, 01:59:21 AM
 #24

It would depend on the applicable laws involved in the country you are sending the coins. It is assumed that it is legal for the sending party to have those coins and it would depend then on the receiver if it is legal for them. For reference, you can check the legality of bitcoin here https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory.

As for the recording of transactions, the parties should have an agreement how would they record the value of it but most likely it would be in terms of fiat value. Maybe they can use a platform in which they would send the coin there and then the recipient can still receive it in fiat because it is already converted or the recipient will opt to receive the coins and they would just decide when to convert it but the recognition of value would still be in fiat so that the books would still be balance in case there is reconciliation of accounts.


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April 05, 2018, 04:43:38 AM
 #25

Can I do a crypto transfer into a Canadian bank account and then from the Canadian Bank account can I do an international wire transfer of that amount

What do you mean when you say a crypto transfer into a Canadian bank account? Do you mean selling bitcoins and receiving the funds in a Canadian bank account? If you do that and then do an international wire transfer, it is no different from directly doing an international wire transfer.
In any case, businesses have to show why they need a particular bank account. A company in China cannot easily set up  a Canadian bank account...


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April 05, 2018, 08:42:47 AM
 #26

of course legitimate, indeed the advantages of krypto can be used anywhere and by anyone, will not prohibit, there will only be some taxes that are charged when kitu transfer to some places

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April 05, 2018, 09:11:54 AM
 #27

depend on which countries would you choose because if those countries consider cryptocurrency is illegal then you cannot use cryto transfers instead of international wire because it's against the law and if the countries does not forbidden bitcoin then you can use crypto for every transactions
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April 05, 2018, 10:48:33 AM
 #28

As at now, the legality isn't clear, that's why there are lots of calls for regulations and such by the governments and financial institutions. However, what i can say would be that, that approach at the moment will not be prudent because of the current volatility of the market. Especially if the sender would have to covert fiat to bitcoin, and the receiver has to convert back. That being send, at some point in the future this would be the norm, it's inevitable.



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April 05, 2018, 11:53:27 AM
 #29

I don't know is it legal, but I know that it should be. Clever regulation system is need for this
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