1. Integration of payment systems:
Cryptocurrency payment gateways: Stores will install special payment terminals or integrate payment gateways (e.g., Binance Pay, WhitePay) that allow customers to pay with cryptocurrency.
QR codes: At the checkout, the seller will generate a QR code that the buyer will scan from their crypto wallet. This is a fast and convenient payment method already used by some companies.
Cryptocurrency debit cards: Buyers will be able to use crypto cards that automatically convert their digital assets into fiat currency (e.g., hryvnia) at the moment of payment, functioning like regular Visa or Mastercard.
2. Legal and tax aspects:
Clear regulation: Legislation will define how businesses can accept and process cryptocurrency payments. This will include rules regarding taxation, financial monitoring, and consumer protection.
Taxes: Most likely, taxes will only be levied during the conversion of cryptocurrency to fiat currency, not on each transaction. This will simplify accounting for businesses and buyers.
Asset protection: Legal protection mechanisms will appear for cryptocurrency owners, allowing them to go to court in cases of fraud or theft.
3. Advantages for stores:
New customer base: Stores will be able to attract a new generation of tech-savvy customers who prefer digital assets.
Lower fees: Fees for cryptocurrency transactions may be lower than those of traditional banking card systems, allowing stores to save.
Speed and security: Transactions may be faster, and blockchain technology provides a high level of security and transparency.
International trade: For online stores, paying with cryptocurrency will simplify cross-border payments, eliminating complications with currency conversion.
4. Challenges and risks:
Volatility: The greatest risk is the instability of cryptocurrency exchange rates. Stores may lose part of their profits if the value of the received cryptocurrency decreases by the time it is converted into hryvnia. To minimize this risk, payment gateways can instantly convert cryptocurrency into fiat.
Technical complexity: Integrating new payment systems will require investments in technological infrastructure and staff training.
Customer awareness: A significant part of the population is still unfamiliar with cryptocurrencies, so it will take time for their widespread adoption#BinancePay