RATE Group | North Carolina Attorneys Can Accept Cryptocurrency as Flat Fee
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North Carolina Attorneys Can Accept Cryptocurrency as Flat Fee

25 Nov North Carolina Attorneys Can Accept Cryptocurrency as Flat Fee

Posted at 23:14h in Cryptocurrency News by

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Attorneys in North Carolina can accept cryptocurrency as a flat fee for representation as long as it isn’t excessive and ethics rules about entering into a business transaction with a client are met, the state bar recently advised.

North Carolina is the second state after Nebraska to issue an advisory opinion providing guidance on accepting cryptocurrency for payment. The New York City Bar Association issued an opinion in July 2019.

Cryptocurrency is a digital currency where transactions are recorded on a public digital ledger called a blockchain and trade on exchanges that operate like stock exchanges. Popular forms of cryptocurrency include Bitcoin and Ethereum.

Despite the risk and volatility associated with crypto markets, law firms, including Big Law players, appear to be accepting cryptocurrency as payment for services more and more.

Nevertheless, cryptocurrency is classified as property not currency, the opinion said, so it’s subject to the requirements of state ethics rule…

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