The Internet is redefining payment systems, with digital currency as a growing medium of exchange. It forms part of the fast-paced virtual currency industry and is becoming more accessible each day. Our advocates can help your business to recognise the risks involved with offering digital payment methods and ensure that the procedures you implement meet legal requirements.
What You Need To Know
Digital currencies, including online payment methods like Bitcoin, are rapidly increasing in popularity across the globe. As decentralised currencies, cyber values aren’t regulated by financial institutions and technically belong to the online community. Despite this, many users of digital currencies find that there are great benefits to digital payments.
Benefits
- Cheaper, quicker payment method
- No need for third party involvement (like a bank)
- 24/7 payment system
Bitcoin transfers and transaction data are tracked by the online community on a blockchain. This is described as being a digital record or database that continues growing as more entries are added. Due to the uncertainty in who really has control over blockchain, there are considerable risks and issues for businesses and consumers alike.
Risks
- Less traceable method of payment
- Minimal consumer protection
- Digital currency has been associated with illicit activities
In a business context, it’s crucial that digital payments meet all legal requirements. Our advocates have up-to-date knowledge of the financial rules and regulations involved with digital transactions and can intelligently advise on the procedures you should follow.
- Considering offering digital currency as a payment option
- Uncertain what Bitcoin regulations are in place and how these affect your company
In a growing online system like digital currency, we recognise that you’ll need assistance from people who know the market. With senior and junior advocates in our Business team, we can offer a range of perspectives on changing technology and through this approach are able to provide you with a thorough understanding of digital currency.
Get In Touch Today
At Quinn Legal we help our clients from day one. Make a free enquiry by calling 01624 665522 or emailing us and find out how we can make your life easier.
Alternatively, you can fill out our handy online enquiry form and one of our team will be in touch within 24 hours.