Taxpayers in the U.S. have got the opportunity to receive their federal and state tax refund back in bitcoin. The new service is aimed to serve the underbanked community with faster payments.
Clients of U.S.-based taxation services provider Refundo can now receive tax refunds in bitcoin thanks to Refundo’s partnership with blockchain payments processor BitPay. Refundo customers can choose to receive all or a portion of a tax refund in bitcoin using its CoinRT product.
Taxpayers will have to provide necessary background information for know-your-customer (KYC) rules as well as a bitcoin wallet address. Once the Internal Revenue Service (IRS) or state has credited the refund, BitPay will send bitcoin to taxpayers’ wallets.
The CoinRT has just one flat fee — $34.95, while BitPay normally charges 1 percent for its payout service.
“Adding bitcoin was a natural fit for our customers who often do not have traditional checking accounts, pay high check cashing fees and regularly send money internationally. CoinRT enables them to get bitcoin quickly and easily for one flat fee,” Refundo CEO Roger Chinchilla commented.
