The Unit​ed States to give Income Tax Payers Refund in Bitcoins

The Unit​ed States to give Income Tax Payers Refund in Bitcoins

May 3, 2019 Editor's Desk
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The federal and state refunds can be received by the taxpayers via bitcoins in the United States.

This news was announced on Tuesday by Blockchain Payments processor Bitpay. It has partnered with US-based taxation services provider Refundo for the service.

Refundo customers can use CoinRT to receive all or a portion of a tax refund. An account has to be set up by the taxpayers to get a unique routing and account number to input on their tax return, according to the announcement.

The taxpayers also have to provide their Bitcoin wallet address and necessary background information for know-your-customer (KYC) rules. BitPay will process the payment and send bitcoin to taxpayers’ wallet the Internal Revenue Serice (IRS) or state has deposited the refund.

The service aims at promoting lower transaction rates and faster payments and serving the underbanked community.

CEO of Refundo recently said it was a natural fit for their customers to use bitcoin who often do not have traditional checking accounts, pay high check cashing fees and regularly send money internationally. CointRT allows them to get bitcoin quickly and easily for one flat fee.

It costs $34.95 to avail CoinRT’s services regardless of the refund amount. The user need not to pay a separate fee to BitPay.

The company processed around a $1 billion last year. The company was founded in 2011. It previously partnered with Ohio State and Florida County Tax Collector to accept taxes int cryptocurrency.

A Municipality in Canada recently partnered with BitPay to accept bitcoin for property tax in a one-year trial.

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