U.S. taxpayers can receive all or part of their federal and state tax refunds in bitcoin. This is being made possible through a collaboration between blockchain payments processor BitPay and Refundo, a provider of tax-related financial products.
In a statement, Refundo says its CoinRT product is especially useful for low-income communities that don’t have checking accounts and often resort to paying high check-cashing fees.
That said, Refundo’s CoinRT service is not free. CoinRT costs $34.95 per refund transfer, and that doesn’t include BitPay’s 1% service fee.
Refundo wants to help low-income communities get tax refunds in bitcoin. | Source: screenshot
Refundo focuses on low-income communities
Refundo specializes in serving low-income communities. Refundo CEO Roger Chinchilla says these communities often send money abroad, so the integration of bitcoin can streamline both their tax refunds and their international remittances.
“Bitcoin provides transactional transparency, as every transaction is verified, recorded and stored on the blockchain. The transaction itself contains no sensitive personal information.”
“Refundo offers several options to help taxpayers receive their tax refunds safer, faster and more conveniently. 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.”