• Cryptocurrencies as a payment method usually do not require authorization
• Philipp Plein introduces cryptocurrencies as a payment method
• Crypto currencies are possible as a payment option at various retailers
When is it allowed to pay with cryptocurrency?
In general, the acceptance of cryptocurrencies as a payment method does not require authorization. This means that payment for goods or services using cryptocurrencies does not first have to be approved by the Federal Financial Supervisory Authority (BaFin), according to the fintech law firm fin-law: “The pure acceptance of Bitcoins as a means of payment is possible without permission, because it does so for itself no banking or financial services are provided. ” If cyber currencies are ingested, they are usually sold regularly, which, if additional circumstances arise, in some cases constitutes proprietary trading that requires a license: “A license requirement will only come into consideration if the scope of trading activities with Bitcoin is considerable and very regular Frequency assumes. “, So the firm.
Philipp Plein offers cryptocurrencies as a payment option
On August 3, the German fashion designer Philipp Plein announced via an Instagram post that the luxury fashion label will from now on also accept cryptocurrencies as a payment method in its online shops and in its stores. According to Post, the designer himself invests in cryptocurrencies and believes in the future of digital currencies. The self-proclaimed “crypto king” is aiming for a turnover of 100 million euros this year, only online.
Buying Bitcoin is quite complicated and time-consuming.
»Here you can easily buy and sell Bitcoin
A total of 15 different cryptocurrencies are accepted by the fashion label, including Bitcoin, Dogecoin and Ethereum. These can then be used to pay with the Coinify payment page. For a payment amount of over 10,000 euros, the company requests information about the source of the Bitcoin documentation, KYC information (verification of partners in the business environment) and a description of the background and purpose of the payment.
Cryptocurrencies as a means of payment
But the German fashion label is not the only company interested in cryptocurrencies as a means of payment for their goods or services. After Tesla initially discontinued the payment method with Bitcoins because the environmental concerns were too great due to the enormous power consumption Elon Musk at the industry conference “The B Word”, however, announced that the company is still open to the cryptocurrency. It is therefore possible that the automaker will accept digital currency as a payment method again. In 2017, as reported by GQ magazine, the first property was paid for with Bitcoins. Nevertheless, this payment method has not yet caught on in the real estate sector. It remains to be seen how cryptocurrencies will prevail as a means of payment in the future.
E. Schmal / editors finanzen.ch