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They might be opening the gates to more onerous reporting requirements per the IRS. People are required to pay capital gains tax on crypto gains, and if people
by mywittyname 6y ago
They might be opening the gates to more onerous reporting requirements per the IRS. People are required to pay capital gains tax on crypto gains, and if people are servicing debts with crypto, then visa will probably need to issue some sort of tax document detailing the price of the currency at time of payment.
I'm sure their lawyers and accountants understand this and are fine with such a system.
From an investors perspective. There is the risk of extreme fluctuation in prices on exchanges. If people are paying their bills at one rate, but Visa is getting a different, lower exchange rate, then that could potentially cost the company dearly.
This is probably something they've also thought about and presumably they are scheming to make additional cash from arbitrage.
One could think that cryptcurrencies are foolish, while simultaneously thinking of ways a business could make money off of crypto or their holders.