Coyno said it was going to release a tax reporting feature in its program as an increasing number of businesses looked to accept the cryptocurrency as payment. <\/p>\n
On Tuesday, Japanese internet giant Rakuten said it would accept bitcoin on its e-commerce platform, while everything from beer to tuition fees can now be paid for with the currency. <\/p>\n
In the U.S., bitcoin is seen as an asset and is subject to capital gains tax, while in Germany, it is subject to income tax.<\/p>\n
\"The main issue is bitcoin is seen as an asset. So when you get that on your books, and the value changes and you buy stuff with it, you get a benefit and that is measured in money. This is a gain that you need to be able to declare and pay taxes for, especially if you are a corporation in the U.S.,\" Keller said. <\/p>\n
So far Coyno has just 200 users. It charges 20 euros ($21.20) a year for a personal account. For companies, Keller said that the fee would likely depend on the number of transactions being made. <\/p>\n
Keller told CNBC the company is aiming to raise 200,000 euros ($212,630) of funding to keep it going until the end of the year, and a further 1 million euros in 2016 to help it grow. <\/p>\n
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Watch out...Bitcoin just got serious<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Coyno said it was going to release a tax reporting feature in its program as an increasing number of businesses looked to accept the cryptocurrency as payment. On Tuesday, Japanese internet giant Rakuten said it would accept bitcoin on its e-commerce platform, while everything from beer to tuition fees can now be paid for with the currency. Continue reading