In the USA, bitcoin, stablecoins, Ether, and other cryptocurrencies are accepted as payment in various establishments in many states. Some banks accept deposits in cryptocurrency and allow tax payments. American corporations have also not been left out — Microsoft, AT&T, and Virgin allow payments in crypto. Elon Musk and Tesla are also well-known. In the USA, by the way, there are no regulations on cryptocurrencies as such, but it is precisely there that the principle 'what is not prohibited is allowed' is most relevant. The Ministry of Finance and financial regulators have defined bitcoin in their acts as a currency subject to exchange and currency that can act as a substitute for real currency. As a result, individuals and legal entities providing services for storing or exchanging cryptocurrencies are considered financial businesses (MSB) and are subject to the Bank Secrecy Act. This means that the crypto business itself is fully legal, and therefore receiving cryptocurrency as a means of payment is possible. The main thing is to pay taxes.
In the EU and Switzerland, there are also formally no restrictions — the question is in creating an order under which accepting crypto can be legal. In some countries, such regulations exist, while in others they do not yet. But goods and services can be paid for in many countries: primarily in the Netherlands, Italy, Scandinavian countries, Malta, and the Baltic States. This applies to both online services and some (sometimes many) physical stores and cafes. In Iceland, by the way, payment in cryptocurrency is prohibited, even though there are several large bitcoin mining farms there.
In Switzerland, there are no restrictions on the use of cryptocurrencies as a means of payment; it is essential to comply with AML/CFT requirements and conduct conversion operations using the services of licensed crypto companies. In the canton of Zug, where the Swiss crypto valley is located, USDT is even recognized as an official means of payment.
In the UK, many companies also offer to use bitcoin as a payment method—from clothing and accessories to travel and accommodation. PayPal, which accepts cryptocurrency payments in Europe and the USA, is also registered to operate with crypto assets in the UK. By the way, having a PayPal account allows you to pay for anything and anywhere with cryptocurrency. Although, formally, this will be a fiat payment, which will be converted by selling cryptocurrency on your PayPal account.
In general, most developed countries in the world allow the use of cryptocurrency for everyday expenses, and among the many companies that directly accept cryptocurrencies, Shopify, Starbucks, Subway, and many thousands of companies around the world can be named.
In many countries, it is also legal to pay for real estate, luxury items, or cars with cryptocurrency. This practice exists in the UAE, the USA, the EU, Thailand, Indonesia, and other countries. In some cases, declaring real estate and depositing funds in a bank will still be done through exchanging cryptocurrency for fiat, but nevertheless, both developers and real estate agents offer this option quite legally.
Cryptocurrency in travel
As for travel, using cryptocurrency can be both justified and not. On one hand, in those countries where payment in cryptocurrency is legal or welcomed, it can be convenient. Especially for Russians, who no longer have access to international payment cards VISA and Mastercard. On the other hand, the spread of crypto payments is not as large as one would like. If you are not going to the canton of Zug or Silicon Valley, you need to know where it is generally possible to accept payment in bitcoin or USDT.
On the other hand, cryptocurrency can be carried instead of cash, and then exchanged for local currency on-site. This is likely to be without issues. Again, it is important to understand that, for example, in the EU, where cryptocurrency can be exchanged for euros at many exchange points right on the street, various declarations about the source of funds must be filled out for these procedures, and full identification must be passed. There are frequent cases where Russians were even refused to exchange dollars for euros, and it may be more complicated with cryptocurrency.
