Not too long-ago cryptocurrency was vilified considered a currency for funding illegal activities. The acceptance of virtual currency is gaining popularity, and its acceptance in the legal sector is a big win. Nonetheless, some concern is being raised about the quality of advice lawyers accepting cryptocurrency payments offer their clients. While it might be difficult, it is possible for cryptocurrency-accepting lawyers to provide impartial advice.
Meet the Cryptocurrency-accepting Lawyers
According to Law.com, several lawyers are accepting payments in the form of virtual currencies. As technology develops, there will be an in an increase in the acceptance and use of cryptocurrencies. Carol Van Cleef is a Washington-based lawyer who majors in compliance issues. Carol’s line of work involves helping cryptocurrency clients with compliance issues. Carol is versant in cryptocurrencies and the functioning of blockchain technology. Carol is one of the many cryptocurrency-accepting lawyers who find it feasible to accept payments in virtual currency or tokens. From Carol’s experience, not receiving payments in cryptocurrency meant that she could not expand her services to particular fields.
In as much as cryptocurrencies are becoming mainstream, cryptocurrency-accepting lawyers should tread carefully. The acceptance of cryptocurrency or ICO token payments by lawyers can raise conflicts of interest.
Conflict of Interest or Credibility Booster?
Lawyers or advocates who have never sent, received or own cryptocurrencies might seem ill-equipped to advice crypto startups on their business structuring model. While having a general theory on how cryptos function is essential, cryptocurrency users and supporters are claiming that using and owning it is fundamental to understanding and appreciating the currency and its technology. Individuals who use virtual currency suggest that experiencing cryptocurrency in action is necessary for one to understand the true value of the technology.
Crypto-currency accepting lawyers appear more versant with the cryptocurrency technology. Jay Cohen, a defense attorney, confesses that he accepts payments in virtual currencies, but he has to cash it out immediately. The reason to why Cohen and other advocates are quick to cash out their crypto payments stem from the high volatility of the coins.