The football club announced in a post on its website published on Sept. 12 that the famous Bitcoin “B” logo will be featured on the player’s uniforms as a result of the club’s partnership with Bitcoin betting platform Sportsbet.io.
The Bitcoin (BTC) symbol will now appear on the shirt sleeve of Watford Football club players, and the team will also accept the cryptocurrency for merchandise purchases.
The team will also accept the leading cryptocurrency as a payment for its merchandise.
A public awareness campaign
According to the official post, the logo’s addition to the uniform is part of a wider campaign aiming to “improve awareness around Bitcoin and educate the public on the benefits of using cryptocurrencies.”
The head of marketing of the team’s main shirt sponsor Sportsbet.io Justin Le Brocque said that the company is giving back to the crypto community:
“The crypto community have been hugely supportive of us since we began, so putting the Bitcoin logo on the sleeve felt like a fun way to give something back while also showing them our support.”
The sponsorship will be crowdfunded and anyone can bid Bitcoin to access a public LED space shown live during matches and exclusive Watford FC merchandise. Le Brocque also added that he hopes the initiative “will create even more buzz around cryptocurrencies.”
As Cointelegraph reported in August, the Dallas Mavericks have become the second NBA team to accept Bitcoin as a means of payment for match tickets and merchandise.
France Won’t Tax Crypto-Only Trades, Will Tax Crypto-to-Fiat Sales
French economy minister Bruno Le Maire said on Sept. 12 that French authorities won’t tax crypto-to-crypto trades, but will tax when cryptocurrencies are sold for fiat currency.
Bloomberg Tax reported on Le Maire’s declarations on Sept. 12. Per the report he noted:
“We believe that the moment the gains are converted into traditional money is the right time to assess tax.”
Easier transaction tracking
The author of the report also explains that such an approach to taxing cryptocurrency trading would help with tracking transactions, which he believes to be a common challenge in crypto-to-crypto trading. Le Maire also reportedly addressed Value-Added Tax (VAT) application to cryptocurrencies.
More precisely, he explained that VAT is to be applied to cryptocurrency transactions only when they are used to acquire an asset or a service. France is reportedly already implementing the new approach to cryptocurrency taxation.
Meanwhile, in Portugal
As Cointelegraph reported at the end of August, Portugal’s Tax Authority has clarified that both cryptocurrency trading and payments in crypto will not be taxed in the country.
Also in August, a tax bill seeking to allow the exclusion of gain or loss on like-kind exchanges of virtual currency has been introduced in the United States House of Representatives.