Hi I would like to know why (Envato) does not use digital currencies like (Bitcoin) Either use other digital currencies or make your own (Envato) digital currency at all that can be easily exchanged with other digital currencies.Would you like (Envato) to support (Bitcoin) or other currencies? I would like to know your opinion on this issue.
Biggest reason would be because crypto is not Legal Tender (link) in a any country in the world except or El Salvador who started using it in June 2021. As Envato is international, it must suit payments that will not cause issues internationally, and that are approved / trackable / taxable internationally. There’s a lot, and I mean A LOT of issues with Crypto currencies when it comes to accounting in multiple countries (i.e. almost all countries in the EU) and some countries who don’t recognize them at all.
Furthermore, crypto is decentralized, governments can’t track it, governments can’t tax you for it, which would mean that Envato would be money laundering by paying you or me in crypto. (in some countries at least)
Don’t get your hopes high on this. It will take a lot of time until digital currencies will be “internationally approved” and I think I should rephrase to “if they will ever be” instead of “when they will be”.
Money goes from Envato to you → you pay taxes, Envato pays taxes. Circle closed. Money can be tracked, govs are happy, lawyers are happy, accounting is happy.
Crypto goes from Envato to you → In case you don’t pay taxes, Envato pays taxes. Money is lost along the way. Envato gets audits, you get audits, govs are not happy, legal isn’t happy, accounting isn’t happy. A whole heap of troubles incur after that.
Main reason why most tech giants stay away from it. It’s a legal nightmare.
IThank you (full answer)
I see some countries that work with people who have digital currency every day, it can be said that about two or three percent of the world economy work with digital currency. With this, people or countries use digital currency every day.
That is true, but still, a very, very small number if we consider the scale of Envato and the scale of current world economies. There are chances we’ll see this someday, but, until then, they would bring more harm than good!
Have a great week mate!