Binance adds CryptoConvert support, enabling crypto payments at Pick n Pay

[Jan]

World's biggest crypto exchange now supports payments at Pick n Pay

CryptoConvert has added support for crypto payments at Pick n Pay using digital currency stored in Binance wallets.

The addition of Binance — the world's biggest cryptocurrency exchange by trading volume — comes after South African exchanges Luno and VALR partnered with CryptoConvert in September 2023 to allow their customers to pay for their Pick n Pay purchases.

 

[hj007]

In first with, "but what about tax?"

 

[backstreetboy]

In first with, "but what about tax?"

Ever heard of VAT?

 

[Sensorei]

In first with, "but what about tax?"

 

[LCBXX]

Anything, where a man poses like this, is a red flag:

 

[hj007]

Ever heard of VAT?

Yeah but I don't need to deal with it on my annual and provisional tax return when I buy some chips and a coke at PnP.

 

[Swa]

Yeah but I don't need to deal with it on my annual and provisional tax return when I buy some chips and a coke at PnP.

Neither does anybody else.

 

[NarrowBandFtw]

excellent, but I reckon we have enough crypto exchanges supporting it in ZA now, what's more important is lining up more retailers

 

[Snyper564]

In first with, "but what about tax?"

spot on its a mess.

Cash out crypto and use as you need not like this. Tax nightmare....

 

[hj007]

Neither does anybody else.

Are you saying that nobody puts crypto gains/losses on their tax return?

 

[Snyper564]

Are you saying that nobody puts crypto gains/losses on their tax return?

its playing with fire, I like to sleep at night, sars also covers my losses which are few and far between the threat of 200% penalty for avoidance no thanks...

 

[Conack]

Avoid.

 

[L-Dog]

Binance can generate an automatic tax report for you so I assume every transaction is recorded as a withdraw when you shop at pnp

 

[Mystic Twilight]

In first with, "but what about tax?"

Keep your till receipts as proof for manual submission.

 

[LoadShedder]

Why would you spend an appreciating financial asset? What's next, is EasyEquities gonna make a feature to let me pay for my groceries in Tesla shares?

 

[Avbob se stoep]

Ex-Binance CEO CZ Facing 10 Years Behind Bars

The former Binance CEO is facing a potential 10-year prison sentence for violating the Bank Secrecy Act

u.today

Binance seems like a fine place to invest.

 

[hj007]

Keep your till receipts as proof for manual submission.

That doesn't help if I need to calculate the base cost on every transaction...

 

[saor]

Why would you spend an appreciating financial asset? What's next, is EasyEquities gonna make a feature to let me pay for my groceries in Tesla shares?

Remind me what the point of an appreciating asset is if you never actually use / sell it? Also some people trade other crypto and if they exit the trade into BTC this probably makes spending easier than cashing out via exchange.

 

[hj007]

Why would you spend an appreciating financial asset? What's next, is EasyEquities gonna make a feature to let me pay for my groceries in Tesla shares?

Yep, it's a little strange.

This whole concept only makes sense when crypto gets treated at 0 tax/like a currency like in Germany or Malta etc. until then, I don't get why you'd take the risk when buying in a public setting like PnP.

 

[Hades]

Why would you spend an appreciating financial asset? What's next, is EasyEquities gonna make a feature to let me pay for my groceries in Tesla shares?

Crypto only appreciates.....LOLIO