A cryptocurrency payment solution offered by Worldline and Bitcoin Suisse
The European country most open to blockchain and digital assets, Switzerland confirms its position as a continental crypto-nation, to the chagrin of France, which continues to watch the train go by.
As a reminder, it is possible to pay taxes in Bitcoin (BTC) or Ether (ETH) in a Swiss canton and BTC distributors are present all over the country.
There remained, however, a small pitfall, which is not unique to Switzerland, it is that of payment in cryptocurrency. This was without counting on Bitcoin Suisse, the main innovator of the sector in the country and among other locally regulated exchange platform.
By partnering with Worldline, the European leader in payment services, Bitcoin Suisse will enable around 85,000 merchants to accept payments in digital assets.
Ironically, Worldline is a French company, listed on the CAC 40, which therefore prefers to look to its neighbor Switzerland rather than trying to reverse the trend hostile to cryptocurrencies in France.
👉 To read – The Swiss canton of Zug accepts Bitcoin and Ether for the payment of taxes
Cryptocurrency payments made possible for Worldline customers
Worldline is not a simple performer in this story. It is even the payment infrastructure of the French company that will make it possible to significantly open cryptocurrency payments throughout Switzerland.
On trial since November 2019, the integrated WL Crypto Payments service has successfully passed all stages of the test to be extended to all of Worldline’s Swiss customers.
Concretely, the 85,000 Swiss merchants who are Worldline customers will simply have to activate the option of payment in digital assets for the physical point of sale, online sales or both.
While it is not certain that all of the 85,000 companies accept cryptocurrency payments overnight, everything has been done to facilitate the transaction. Thus, to protect against the volatility of the price of BTC and ETH, the payment in crypto-assets is instantly converted into Swiss francs.
The merchant therefore does not even need to acquire cryptocurrencies or make the conversion himself to activate this payment option.
Instead, the “work” comes from the merchant’s client, who has the option of converting the product price displayed in Swiss francs into BTC or ETH. It is also the customer who chooses the cryptocurrency payment application in order to be able to pay for his order.
If the Swiss authorities and the blockchain ecosystem is highly developed in the country, it should be noted that this is the first time that it has opened in such a large way and for the whole of the confederation to the general public. It is therefore an essential step in the adoption of cryptocurrencies in Switzerland.
Will the Swiss population confirm the positive trend in the digital asset sector in the country? Response in the coming months.
👉 On the same subject – According to Mastercard, the use of cryptocurrencies for payment is gaining ground
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About the author: Benjamin Allouch
Lawyer specializing in digital law and personal data. He quickly became interested in bitcoin and blockchain technology, and founded the blog bitcoin-blockchain.fr. He is interested in the emergence of blockchain law and the legal consequences of this technology.
All articles by Benjamin Allouch.