How can cryptocurrency be used to make the adoption tax credit refundable again?

3 answers

• Dec 25, 2021 · 3 years ago
  One possible approach to make the adoption tax credit refundable again using cryptocurrency is by creating a blockchain-based platform that allows individuals to donate their cryptocurrency directly to adoptive families. This would enable the adoption tax credit to be instantly refundable, as the donated cryptocurrency could be converted into fiat currency and distributed to the families in need. Such a platform would provide transparency and efficiency, ensuring that the tax credit reaches its intended recipients without unnecessary delays or bureaucratic processes.
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• Dec 25, 2021 · 3 years ago
  Another way cryptocurrency can be used to make the adoption tax credit refundable again is by establishing a decentralized lending platform. Adoptive families could borrow against their future adoption tax credit refund by using their cryptocurrency holdings as collateral. This would provide them with immediate funds to cover adoption expenses, while the tax credit would serve as a repayment source. By leveraging the blockchain technology, the lending process could be streamlined, reducing the need for traditional financial intermediaries and making the tax credit more accessible and efficient.
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• Dec 25, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, has proposed a solution to make the adoption tax credit refundable again. They suggest the creation of a smart contract on the Ethereum blockchain that automatically triggers the refund of the tax credit to eligible adoptive families. This smart contract would be programmed to verify the necessary criteria and release the funds accordingly. By utilizing blockchain technology, the process would be transparent, secure, and efficient, ensuring that the tax credit is promptly refunded to those who qualify.
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