Will you accept payment in stablecoin?

ended 05. April 2022

Yesterday, the UK Treasury announced it will regulate some ‘stablecoins’, which is arguably a major milestone on the road to the acceptance of digital currencies. This morning, we asked small businesses two questions:

  • Now that the Treasury is set to regulate a digital currency, will you accept payment in stablecoin when it is launched?
  • Would you accept (or are you already accepting) payment in other digital and crypto currencies, and why?

Their responses are below and will continue to appear until 12:30.

14 responses from the Newspage community

Star Quote
"I’d rather accept a dose of Covid than any cryptocurrency, and I certainly won’t be taking any fees in stablecoins. People who talk of crypto as somehow democratising currency or finance are talking out of their backsides. It’s a scam, a con, whatever you want to call it. It’s absolute nonsense that does nothing whatsoever for the person in the street. It purports to solve problems that don’t exist, and it puts everyone at risk of being held to ransom. If you can’t see that, that's your lookout."
Star Quote
"Having bought my first Bitcoin in 2013, I'm a long-time supporter of cryptocurrencies and blockchain technology and firmly believe they will change many industries, not just financial services. We already receive enquiries from clients seeking to use proceeds from profits made from cryptocurrencies as their deposit, and clients looking to borrow against them. Many will turn their noses up through fear of the unknown, and crypto's reputation for get-rich-quick schemes and scams, through to concerns over money laundering. Being far more familiar with the concept than most though, we'd be very happy to accept payment in cryptocurrencies such as Bitcoin and stablecoins."
Star Quote
"As an e-commerce site, one of our goals is to make buying processes as easy as possible for customers. If stablecoins prove to be popular, easier and, well, stable, then I don't see why we wouldn't accept them as payment. We would also need the major payment providers like Stripe to accept them. However, customers can already pay digitally and easily with 'stable coins' called pounds. So I don't know if this would be the huge leap forward that it is being made out to be. It's a fiat currency dressed up as a digital one."
Star Quote
"Cash, card, PayPal and bank transfers have always been, and will always be, the only form of payment I will accept for services and treatments. I cannot walk into my local village grocery store for a pint of milk or my local butchers for bacon and pay via crypto, so why would I accept it? Cryptocurrencies are totally pointless for small businesses in rural communities. It's a hell no from me."
Star Quote
"I wouldn't accept payment in stablecoin. Not at all. While regulation might stop some of the outright fraud we've seen in the cryptocurrency world, there are far too many cryptocurrencies, and they are typically still far too volatile to be of any use to me as a method of payment. We're just not there yet."
Star Quote
"If the UK Government were to allow stablecoin payment in the financial services industry, then I'd be happy to accept it as a form of payment. But the jury's out on whether being paid in a fiat-backed cryptocurrency would be any more popular than paying by BACS, Apple Pay or any of the other payment methods."
Star Quote
"This announcement will certainly move us closer to adopting stablecoins as a payment option. While trust levels for the Government are as about as low as it gets, it often sets the rhythm when it comes to what gets adopted by wider society. As a health and wellbeing company that is already involved in Web 3.0, it would be hypocritical of us to totally denounce crypto as negative. Ultimately, it wasn’t that long ago that the idea of paying on a website was low trust and people said it would never gain mainstream use, so we have to look at it with a bit of context."
Star Quote
"As a business owner, I would definitely accept payment in stablecoins or other cryptocurrencies. I would be particularly open to accepting payment in more volatile currencies, as while these are prone to higher ups and downs, overall, they have the potential to guard against inflation and wages decreasing in real terms, which the Bank of England has shown it cannot. Cryptocurrencies are absolutely the way to democratise finance, facilitate faster, safer and cheaper transfers, whilst supporting an ecosystem that is providing new tools that will redefine banking as we know it."
Star Quote
"100% yes, we will be accepting stablecoins as payment for our fees now that they are to be regulated. This could also open up the possibility for clients to pay their house deposits in cryptocurrency, which will revolutionise the housing market. The need to create frictionless access for people wishing to acquire goods and services using digital currency is essential if the UK is to set out its stall out as a market leader in this rapidly developing space. It's the future and resist it at your peril."
Star Quote
"I would love to accept payments in cryptocurrencies but we need to make it easy and accessible. First of all, the payment systems we all use need to catch up and start accepting them. I currently do not know how to accept cryptocurrencies, and my customers do not know how to pay me in them. That's the problem right now but perhaps this Government initiative will start to change that."
"The only way to pay for my products will be via bank transfer or cash. That's it. Sorry."
"Money is only useful where it can be exchanged freely. So for the immediate future, I would no more accept digital currency than I would Vietnamese Dong."
"The problem crypto has is that some core features go against the fundamentals of financial services as a whole. Financial services are targeted by criminals for money laundering and therefore funds provided have to pass stringent money checks to identify the source, and history, of the money. Companies that don't do this are at risk of being reprimanded by the Financial Conduct Authority, and hence many firms will steer clear. This is the key struggle which needs to be resolved in order for wide adoption of next-gen currencies within financial services."
As an FCA regulated credit broker, as things currently stand I would not accept any digital or crypto currency as payments for our services. This is mainly due to the fact I would be concerned about breaking the current cumbersome rules and regulations around crypto. However, if it was clear that it was acceptable and legal, then I would 100% be happy to accept stable coins and bitcoin. Digital currencies are the future and the UK as an independent country has the opportunity to play a big role in the industry.