The Bitpanda and Blockpit community has already been waiting for it. As of now, the new Bitpanda Visa debit card can be applied for by Bitpanda customers. When a payment is made via the new card, a sale of your digital assets held on Bitpanda takes place in the background. The choice of possible assets is growing exponentially, ranging from time-honoured fiat to cryptocurrencies such as bitcoin, altcoins, stablecoins and tokenised assets such as gold, silver and palladium. Other tokenised assets such as shares and even real estate are to follow soon.
Once the customer has determined the order in which the assets are to be sold, nothing stands in the way of the payment process. Perhaps it should be mentioned, that Bitpanda gives its VIP customers a cashback of up to 2% on the disposal value in the form of Bitcoins. The Cashback depends on the number of Bitpanda house tokens BEST (Bitpanda Ecosystem Token) held, which also offers further user benefits. There should be no fees for the card itself, only the standard trading fees that Bitpanda charges for its various assets will remain the same.
For future users of the card, it is now interesting to know what the tax implications are of a payment transaction with the card, including the subsequent cashback. Through the barrier-free exchange of information between Blockpit and Bitpanda, we are able to guarantee our users an optimised use of the debit card. From a technical point of view, a read permission is granted via a simple API interface. Afterwards, all tax-relevant transaction processes that are triggered by the payment process with the card are mapped at Blockpit. Of course, this also includes the 2% cashback. If, for example, a cryptocurrency was used for payment and sold within the 1-year speculation period (the 1-year holding period applies to cryptocurrency owners in the DACH area), taxable gains or losses are generated in accordance with the tax guidelines applicable in one’s own country. For the bitcoins received as cashback, on the other hand, a new count-relevant process occurs at the time of access, which should at best be documented by Blockpit.
As soon as we are fully aware of all the technical background to the function of the card, we will publish a detailed and practical article on the fiscal consequences of using it.