According to attorney Kevin Thompson, the occurrence will enrage authorities, resulting in the establishment of reporting requirements for Shopify.
Following the announcement of Strike’s integration with e-commerce platform Shopify to take Bitcoin (BTC) over the Lightning Network, the cryptocurrency community expressed alarm about the move’s legal ramifications.
According to crypto researcher Matt Ahlborg, the event is crucial for BTC since it enables the unloading of BTC without requiring users to go through the know-your-customer (KYC) procedure.
However, lawyer Kevin Thompson noted in a response that the incident is likely to annoy regulators. According to Thompson, the ability to spend BTC without going through KYC allows users to dump BTC and evade taxes. Regulators, he says, may react to the incident by “imposing reporting obligations on Shopify.”
Glennhodl, a Twitter user, believes that the government may also take measures to address the problem of BTC being sold in big shops without requiring users to undergo KYC. He does caution, though, that while regulators may attempt to combat it, they will not be able to really stop it.
David Hood proposes that low-value transactions be exempt from taxation. He praised the new breakthrough in a tweet but said that more individuals would “advantage” of the connection if there were no taxes on Bitcoin sales under $600.
eBay, the world’s largest e-commerce site, also hinted at the possibility of integrating cryptocurrency payments onto its platform in February. eBay CEO Jamie Iannone said in an interview that the firm is exploring other payment options as they handle billions of dollars on their site.
Meanwhile, the New York Digital Investment Group (NYDIG) has announced a scheme that allows workers of participating businesses to be compensated in Bitcoin. Employees may elect to receive a portion of their compensation in Bitcoin without incurring any transaction expenses via a Bitcoin Savings Plan.