Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
While Verge first jumped into bed with PornHub earlier this year, popular adult entertainment site VRPorn.com has now announced that it will accept Litecoin as currency for its premium services.
While Verge’s appeal might lie in its privacy options, VRPorn elected to accept Litecoin given the cryptocurrency’s acceptance and liquidity.
In a statement to CoinInsider, VRPorn Chief Operating Officer Lisa Moore quipped that “it’s hard to beat Litecoin when it comes to a large user base, liquidity, quick transactions, low fees, and a secure network. Litecoin is easily available from places like Coinbase, whereas many people would have trouble getting ahold of some of the lesser known coins.
VRPorn.com – as the largest virtual reality site – accommodates nearly one thousand virtual reality experiences. According to Moore, both new and returning customers have actively begun to pay for content in Litecoin – noting that “sales are up significantly”.
VRPorn’s decision to accept Litecoin not only comes after Verge’s partnership with Pornhub, but further after Playboy announced that it would soon accept Vice Industry Tokens.
While Verge witnessed a short rally after its partnership announcement, the cryptocurrency has subsequently been dogged by security concerns.
When asked as to whether Verge’s recent breaches played any role in the decision to use Litecoin, Moore offered that “…the recent attacks on various cryptocurrencies shows the importance of having a strong underlying network. We definitely considered this when deciding on which coin to start with.”
As to whether the adult entertainment industry needed one accepted token or cryptocurrency to function cohesively, Moore noted that “I think there is room for lots of cryptocurrencies, just as there are various non-crypto payment methods available. Though things will likely tend towards a few big winners. Once one moves from fiat to crypto, the main hurdle has already been passed, since it’s relatively easy exchanging one crypto for another. So I’m just happy to see more and more sites adopting crypto, regardless of the particular coins involved.”
Speaking on the challenges of accepting a cryptocurrency, Moore noted the ease of accepting a digital currency for payments – offering that “In a lot of ways, it’s actually easier to set up crypto than it is to set up credit card or Paypal, especially for adult [entertainment].”
VRPorn’s premium offerings are priced at $19.95 USD per a one-month subscription, or $7.95 USD per month for a one-year subscription. Users can transact in Litecoin, by credit card, or through PayPal.