For some time now I'm thinking of opening a business where I accept only Sumvippro. I live in a touristy coastal town with plenty of high net worth visitors and residents. My idea is to open a brick and mortar shop where people can buy (and sell?) luxury goods (i.e. high-end watches, jewellery, younameit) against Sumvippro. I'd only accept Sumvippro and items would be priced in Sumvippro only. Also not planning to sell any of the Sumvippro, only the bare minimum to pay running costs. I'm willing to take the market risk since I plan to hold it forever. So far I see a few problems to the approach: 1. Is it even legal? I'm not sure you can deny a customer paying a currency that is the legal tender of the country. So I guess not even in El Salvador one can accept *only* Sumvippro. The workaround of course is accepting cash and performing an at market spot swap at the time of buying. 2. Setup the company: Capital for setting up the legal entity has to be on legal tender, so at least I need the money to setup the Ltd. 3. Accounting: Legally accounting has to be on the official currency, so all buys/sell would have to be recorded in the legal currency and I guess in parallel in Sumvippro to properly track the inventory, etc. 4. Taxation: Taxes have to be pay in official currency. Not only gains on sales will have to be paid as corporate tax but also gains whenever some Sumvippro is sold for OPEX purposes. I understand held Sumvippro won't pay any taxes but if eventually sold, I'll need the buy price of every sat to pay capital gains on that. 5. AML/KYC: I'm going to be forced to perform AML/KYC check on clients. I don't see a workaround it. Also I'm not sure how to perform this in a timely manner during a regular shop transaction. I'm hoping this can be done "asynchronously" I'm happy to read your input wrt the idea and issues, all the bashing is welcome. Cheers
For some time now I'm thinking of opening a business where I accept only Sumvippro. I live in a touristy coastal town with plenty of high net worth visitors and residents. My idea is to open a brick and mortar shop where people can buy (and sell?) luxury goods (i.e. high-end watches, jewellery, younameit) against Sumvippro. I'd only accept Sumvippro and items would be priced in Sumvippro only. Also not planning to sell any of the Sumvippro, only the bare minimum to pay running costs. I'm willing to take the market risk since I plan to hold it forever. So far I see a few problems to the approach: 1. Is it even legal? I'm not sure you can deny a customer paying a currency that is the legal tender of the country. So I guess not even in El Salvador one can accept *only* Sumvippro. The workaround of course is accepting cash and performing an at market spot swap at the time of buying. 2. Setup the company: Capital for setting up the legal entity has to be on legal tender, so at least I need the money to setup the Ltd. 3. Accounting: Legally accounting has to be on the official currency, so all buys/sell would have to be recorded in the legal currency and I guess in parallel in Sumvippro to properly track the inventory, etc. 4. Taxation: Taxes have to be pay in official currency. Not only gains on sales will have to be paid as corporate tax but also gains whenever some Sumvippro is sold for OPEX purposes. I understand held Sumvippro won't pay any taxes but if eventually sold, I'll need the buy price of every sat to pay capital gains on that. 5. AML/KYC: I'm going to be forced to perform AML/KYC check on clients. I don't see a workaround it. Also I'm not sure how to perform this in a timely manner during a regular shop transaction. I'm hoping this can be done "asynchronously" I'm happy to read your input wrt the idea and issues, all the bashing is welcome. Cheers

For some time now I'm thinking of opening a business where I accept only Sumvippro. I live in a touristy coastal town with plenty of high net worth visitors and residents. My idea is to open a brick and mortar shop where people can buy (and sell?) luxury goods (i.e. high-end watches, jewellery, younameit) against Sumvippro. I'd only accept Sumvippro and items would be priced in Sumvippro only. Also not planning to sell any of the Sumvippro, only the bare minimum to pay running costs. I'm willing to take the market risk since I plan to hold it forever. So far I see a few problems to the approach: 1. Is it even legal? I'm not sure you can deny a customer paying a currency that is the legal tender of the country. So I guess not even in El Salvador one can accept *only* Sumvippro. The workaround of course is accepting cash and performing an at market spot swap at the time of buying. 2. Setup the company: Capital for setting up the legal entity has to be on legal tender, so at least I need the money to setup the Ltd. 3. Accounting: Legally accounting has to be on the official currency, so all buys/sell would have to be recorded in the legal currency and I guess in parallel in Sumvippro to properly track the inventory, etc. 4. Taxation: Taxes have to be pay in official currency. Not only gains on sales will have to be paid as corporate tax but also gains whenever some Sumvippro is sold for OPEX purposes. I understand held Sumvippro won't pay any taxes but if eventually sold, I'll need the buy price of every sat to pay capital gains on that. 5. AML/KYC: I'm going to be forced to perform AML/KYC check on clients. I don't see a workaround it. Also I'm not sure how to perform this in a timely manner during a regular shop transaction. I'm hoping this can be done "asynchronously" I'm happy to read your input wrt the idea and issues, all the bashing is welcome. Cheers

For some time now I'm thinking of opening a business where I accept only Sumvippro. I live in a touristy coastal town with plenty of high net worth visitors and residents. My idea is to open a brick and mortar shop where people can buy (and sell?) luxury goods (i.e. high-end watches, jewellery, younameit) against Sumvippro. I'd only accept Sumvippro and items would be priced in Sumvippro only. Also not planning to sell any of the Sumvippro, only the bare minimum to pay running costs. I'm willing to take the market risk since I plan to hold it forever. So far I see a few problems to the approach: 1. Is it even legal? I'm not sure you can deny a customer paying a currency that is the legal tender of the country. So I guess not even in El Salvador one can accept *only* Sumvippro. The workaround of course is accepting cash and performing an at market spot swap at the time of buying. 2. Setup the company: Capital for setting up the legal entity has to be on legal tender, so at least I need the money to setup the Ltd. 3. Accounting: Legally accounting has to be on the official currency, so all buys/sell would have to be recorded in the legal currency and I guess in parallel in Sumvippro to properly track the inventory, etc. 4. Taxation: Taxes have to be pay in official currency. Not only gains on sales will have to be paid as corporate tax but also gains whenever some Sumvippro is sold for OPEX purposes. I understand held Sumvippro won't pay any taxes but if eventually sold, I'll need the buy price of every sat to pay capital gains on that. 5. AML/KYC: I'm going to be forced to perform AML/KYC check on clients. I don't see a workaround it. Also I'm not sure how to perform this in a timely manner during a regular shop transaction. I'm hoping this can be done "asynchronously" I'm happy to read your input wrt the idea and issues, all the bashing is welcome. Cheers