Accepting Payment in Bitcoin: Considerations for Merchants

Michael Best Senior Counsel Cheryl Aaron was published in Lex Mundi’s Blockchain White Paper Series in the article titled, “Accepting Payment in Bitcoin: Considerations for Merchants.” In her whitepaper article, she discusses issues to be aware of if you are a business considering accepting cryptocurrencies, such as bitcoin, as payment. Cheryl analyzes volatility, tax implications, as well as rules and regulations to be sure to follow. She writes:

“Before businesses and online retailers accept cryptocurrency as payment, a thorough analysis is necessary to determine whether the potential benefits outweigh the inherent risks and costs, and what the legal ramifications are.”

To read the full whitepaper, see: Accepting Payment in Bitcoin: Considerations for Merchants.

To see the full series, see: Lex Mundi Blockchain White Paper Series.

To serve our clients’ global needs, Michael Best is the exclusive member firm in Wisconsin for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+ countries worldwide. As part of the Lex Mundi global network, we can provide our clients with preferred access to more than 21,000 lawyers around the world – all from a single point of contact.  

Individually, each Lex Mundi member firm is a leader in its local market. Collectively, Lex Mundi firms provide global legal resources with unmatched depth and breadth. Working with other Lex Mundi firms, we are able to seamlessly handle our clients’ most challenging cross-border transactions and disputes.

To ensure high-quality service, each Lex Mundi member is evaluated on quality, responsiveness, range of legal services, reputation, technology, management structure, ethical standards, conflict procedures, size, court admissions, and other criteria. Members are admitted only after substantial due diligence and must undergo regular quality and peer review procedures.

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