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Cryptocurrencies are fast gaining traction in the world of finance. In today's digital world, people are increasingly buying into the concept of cryptocurrency as a new mode for monetary transactions as well as for investments.


Regardless of what cryptocurrencies stand for to you on a personal level, it pays to be in the know of this thing they call digital money. KriptoSlots commits to bringing the latest news on this hot topic. Be sure to check this space regularly.


Source: Business Insider India

Feb 4, 2022

Coinbase will let users receive their tax refunds in crypto in a partnership with TurboTax

Coinbase Global is giving its users the option to receive their tax refunds in cryptocurrency if they file using TurboTax, a software company.

The exchange launched a direct deposit program that will allow users to convert US dollars into crypto with no trading fees, according to an announcement Thursday. A maximum amount of $25,000 a day can be deposited.

Users will have more than 100 cryptos to choose from, including stablecoins and yield-bearing assets. Alternatively, users can select to receive their refunds in US dollars, which will be directly deposited in their accounts for future trading.

This year, customers can deposit refunds into Coinbase fee-free to start immediately putting their money to work," Bipul Sinha, senior product manager at Coinbase, said in a statement.

To go about this, users will need to file their taxes from the Coinbase section of the TurboTax website, set up their direct deposit accounts, choose whether to receive the refund in crypto or fiat currency, and enter their Coinbase account and routing numbers.

Coinbase, the largest crypto exchange in the US, launched a tax section in its platform on January 24 to help users track their taxable activity in one place. The exchange said users can receive free tax reports for up to 3,000 transactions from its crypto tax partner CoinTracker.



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