Business Waste, a leading waste management company in the United Kingdom, recently announced that it will start accepting cryptocurrencies as payment. The move makes Business Waste “the first in [the waste management] business sector in the world to accept them,” according to spokesperson Mark Hall.
Business Waste broke the news on its website this Monday, December 18. Besides Bitcoin, the firm plans to accept Ethereum and Litecoin for its commercial waste contracts.
As Bitcoin and crypto gain more mainstream traction, Business Waste feels that it’s in the company’s best interest to accommodate the budding payment method.
“Individuals and companies are trading in Bitcoin and other virtual currencies all over the world,” Mark Hall stated, “so of course we’re going to accept it from our customers.”
The move is an attempt to keep up with the pace of crypto’s public adoption. “It’s not a publicity stunt,” the blog post stresses, “and it’s not taking advantage of the current surge in Bitcoin value.” Rather, the company believes that its choice is a “logical business decision.”
If you’re one of Business Waste’s UK clients and you don’t use cryptocurrencies, don’t worry – you won’t be left behind. The firm will still accept traditional forms of payment, such as cash, checks, bank transfers, debit/credit cards, etc.
Business Waste’s cryptocurrency payment option makes it the latest on a growing list of companies that will incorporate Bitcoin and friends into their business models. In the UK specifically, Virgin Galactic and RE/MAX London both allow their clients to foot their bills using crypto.
This development comes just days after Andrew Bailey, head of the UK’s Financial Conduct Authority, warned potential investors about the possible pitfalls of getting involved with Bitcoin. Wary of the currency’s volatile, unregulated nature, he likened Bitcoin investing to gambling, stating that individuals should be prepared to “lose [their] money” if they buy in.
While little currently exists in the way of crypto-related legislation in the UK, the government is rolling out a game plan to include exchanges and wallets under established anti-money laundering and counter-terrorist financing regulations. The government hopes to effect the anticipated rules within the coming months.
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