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In Washington, lawyers are allowed to use bitcoins in their practice

02.07.2020

According to the press service of Bloomberg Law, the District of Columbia Bar Association has allowed lawyers practicing in Washington to accept cryptocurrency, including bitcoins, as payment for their services.
The organizations specialists noted that settlements in cryptocurrency are gaining more and more popularity and these changes cannot but affect legal activities.
Calculations in cryptocurrency, according to the experts of the Bar Association, can be carried out if its value is justified, and the lawyer, accordingly, will be able to ensure guaranteed protection and security of storage of digital funds. To use digital currency in his legal practice, a lawyer must have relevant knowledge in the field of blockchain.
If the value of any of the cryptocurrencies changes due to a sharp increase in volatility, the Bar Association advises to make a decision that is beneficial for the client. In order to avoid disagreements, it is recommended to discuss the possible situation with the client in advance before concluding an agreement.
Also, this statement says that the US fiscal (tax) service considers cryptocurrency as personal property, which means that payments using digital means cannot be equated with payments in fiat currency.
Prior to this, law firms were allowed to use cryptocurrency as a means of payment in New York, Nebraska and North Carolina.
Also, relatively recently, in the United States, it became possible to buy retail cryptocurrencies, in particular bitcoins, in more than twenty thousand retail outlets.

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