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Providing multinational eCommerce companies with comprehensive information on the South African eCommerce and Digital Payments market.
We are focusing on crypto exchanges and how over time they may impact online payments for multinational eCommerce companies launching and trading into the South Africa geography.
In previous articles we have shown how advanced and involved the South African consumer and business sector are when it comes to crypto and digital currencies. This matches well with the mature nature of eCommerce and Payments in South Africa. South African crypto ownership is double the global average, they are second in the world when it comes to Google searches for “bitcoin”, and mainstream banks like Investec are getting involved.
Based on conversations with some of the leading exchanges in South Africa, they see themselves building the payment rails of the future. South African exchanges we are aware of are Luno, Altcointrader, ICE3X, Coindirect and VALR. Add to this the recently launched XRP-only exchange Xago.io, and Binance, Huobi and Paxful’s planned local launches.
It is very likely that crypto exchanges will form the backbone of cross border payments across the currently fragmented and disjointed African payment infrastructure. Some of these exchanges are already represented in multiple jurisdictions which has facilitated easy cross border payments on a consumer and wholesale basis.
Then the rapid growth of consumers which, one exchange GM said, is measured by active wallets ie consumers have a wallet and it is actively in use. Imagine a world where these consumers can now send money anywhere in the world – with an email address send money to each other on the same exchange, and with a QR code send money to any other crypto holder’s address anywhere in the world. This is the truly global, borderless internet of money that we dreamed of.
Having said that, the usability is still a little complex for users and fiat to crypto and crypto to fiat can be costly. So we continue to observe how consumers and business are moving to a world of digital currency only which simplifies borderless usage and will accelerate adoption.
At this stage it is for fun, learning and experimentation that our multinational eCommerce merchants enable crypto acquiring. We are still mostly in traditional “card” and “mobile money” mode but keeping an eye on developments for you.
To get paid at the checkout when expanding your multinational eCommerce company to South Africa, please click here: https://africanpaymentsolutions.com/news/#footer
THANK YOU – THE TEAM AT AFRICAN PAYMENT SOLUTIONS
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Crypto investors across the United States began receiving their 1099K tax documents from cryptocurrency exchange Coinbase this week. But what does the form actually mean for crypto investors, and what actions need to be taken, if any? It’s tax season once again in the United States, and that means its time to take out our calculators, load up the tax software, or pay a visit to a certified public accountant to make sure all income, gains, and losses are properly reported to the Internal Revenue Service. Failure to report properly can lead to fines or jail time. And for the first time in history, the IRS has added a question directly asking if the taxpayer has at all transacted in cryptocurrencies like Bitcoin and Ethereum. This is why crypto investors are especially anxious after receiving their 1099K tax form from Coinbase. Related Reading | Wealth and Tax Advisor Says IRS May Be Targeting Crypto Traders, Not InvestorsHowever, there’s no cause for concern. The 1099K is a standard tax document that tells the taxpayer what information needs to be provided to the IRS. Each 1099K tax form indicates the total amount transacted on the platform and does not indicate total gains or losses. To find that number, trade-by-trade accounting must be performed and tabulated to find the total sum of all gains and losses. Using a third-party service like Bitcoin.tax makes things a lot easier to find these important figures, as Coinbase’s API can connect with the service to automate the accounting process. Crypto investors with only a limited amount of trades in a year simply need to find the total sum of all gains or losses. Taxes are only paid on any gains, not the full amount of the crypto held. Tax is also paid at a different rate, depending on how long the assets are held. Assets held over a year or more are subject to long-term capital gains tax, while assets bought and sold within a year are subject to short term capital gains rates. Those with an extensive number of cryptocurrency trades may need to report their earnings as income, according to some interpretations of tax laws. Related Reading | If This Is You, You May Not Need to Report Crypto Tax Gains to the IRSThe most important thing is to be sure to report something if crypto-assets were held during the year. The IRS may be applying pressure to crypto traders and investors, however, according to experts, they’re mainly looking for taxpayers to self-report, and will be lenient if any reporting is done incorrectly. Cryptocurrency related tax laws are confusing, and given the gravity of the situation, consulting with a certified public accountant or using tax software like Bitcoin.tax is recommended to help take some of the fear, uncertainty, and doubt out of tax season.
All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/01/28/coinbase-issues-tax-form-1099k-what-does-this-mean-for-crypto-investors/
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Coinbase Issues Tax Form 1099K What Does This Mean for Crypto Investors: https://www.youtube.com/watch?v=7WUHmrPcfM0
ANALYSIS ON BITCOIN ETHEREUM LITECOIN XRP
Innovations that enable faster payment processing — at or near real time — are changing how people around the globe use money. Even the U.S., a relative laggard, is seeing movement by both industry and government. The proliferation of these new payment solutions may call into question the future of traditional services like cards, checks and the existing interbank infrastructure. Yet the outcome is far from clear. We know that the use of faster payment systems is growing, but is there enough demand that they might actually displace traditional services? Furthermore, the impact of faster settlement on the economy may not be fully understood. What are the risks and the advantages for consumers, merchants and governments?
Jackson Mueller, Policy Research Analyst, Center for Financial Markets, Milken Institute
Daniel Gonzalez, Vice President, Payment Industry Relations, Federal Reserve Bank of Chicago
Jordan Lampe, Director of Communications and Policy Affairs, Dwolla
Jane Larimer, Executive Vice President and General Counsel, ACH Network Administration & General Counsel, NACHA
Shivani Siroya, Founder and CEO, InVenture