Bitcoin was not created as an asset class, even though it is currently viewed primarily as such. The basic idea was to use Bitcoin as a means of transferring values without having to trust banks. For an adoption of the currency, it is important that it can also be used for payment. In the United States, lawyers from four states can now accept cryptocurrencies.
Lawyers can accept Bitcoin (BTC)
Like the Washington DC Bar Association in one Message announced, lawyers are now allowed to accept cryptocurrencies such as Bitcoin as a method of payment. The acceptance of the digital currency is not unethical, according to the bar association, according to an ethics study carried out in June:
It's not unethical for a lawyer to accept cryptocurrencies instead of more traditional forms of payment as long as the fee is reasonable.
For lawyers from Washington, this means that they can offer their clients the option of paying the fees incurred for their lawyer services in the form of cryptocurrencies. However, the law firms are instructed to ensure maximum security when paying with digital assets:
In addition, a lawyer who takes possession of a client's cryptocurrency, either as an advance or to settle a client's claims, must also take competent and reasonable safeguards to protect that property.
The move to legally approve cryptocurrency payments is a logical conclusion to the growing popularity of digital currencies. Although these are volatile and pose some challenges for lawyers, the developments are unstoppable:
Lawyers can't stop the tide of change even if they want to, and cryptocurrency is increasingly being accepted as a form of payment by sellers and service providers, including lawyers.
Not only Washington DC allows Bitcoin as a form of payment
Washington DC is not the first bar to allow cryptocurrency payments. Lawyers in North Carolina, Nebraska and New York City are also allowed to accept digital currencies for their services.
Even if many supporters of the crypto world would like it, without official political regulations, there will be no future for cryptocurrencies in the economy as a means of payment. Because companies will not accept digital assets as a means of payment if this cannot be agreed with the law and they may be punishable by law. Of course, this does not mean that politics can simply ban digital currencies like Bitcoin.
In New Zealand, entrepreneurs have been allowed to pay their employees in the form of cryptocurrencies for several months. Of course, in consultation with the respective person. The selection of cryptocurrencies is limited, however, because only a few digital currencies are allowed:
Markus from Kryptokumpel.de
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