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Multicurrency - Support for new currencies & Bitcoin

To have the ability to add additional currencies that are not on the standard list.

Purpose: Business accept payments in Bitcoin and have no way to add that to the currency list. This would allow the ability to calculate tax, profit, and loss from the currency/cryptocurrency that the business is using.

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AdminXero Team (Admin, Xero) shared this idea  ·   ·  Report…  ·  Admin →
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submitted  ·  AdminMark Blundell (Admin, Xero) responded  · 

Hello I am the product manager for the group within Xero which looks after the currency capability.

I follow the digital currency space closely, I find it incredibly interesting both sociologically as well as technically. However as a product manager my role is to ensure that my engineering group works on the things that create the most value, for the most people, and in alignment with the company's long term goals and aspirations.

Digital currencies continue to have an extremely passionate, but also extremely small group of users who want to see them handled in Xero. The cost remains very high for us to deliver this feature, and does not make a difference to enough peoples lives to justify that investment. There are a lot more touchpoints than many people appreciate to implement crypto properly. Huge decimal precision, UX, currency rate feeds, revaluation logic, reporting - all need changes to support this in the way that needs to be done to allow proper accounting.

Digital currencies aren’t prioritised in the next year, but our group is working on other initiatives which lay the groundwork so that in the future I truly believe we will be able to justify working on crypto, and that what we produce will be world class.

I continue to monitor this thread and I look forward to sharing news that is more in line with what you hope for in the future.

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  • Valeri N commented  ·   ·  Report

    This is very important for our company. We started using xero just because of the cryptocurrency. Why can't you add it?

  • Peter Coolican commented  ·   ·  Report

    We are very interested in accepting cryptocurrencies through our Shopify store, but we don't want a bulky backdoor approach or to have to subscribe and integrate another 3rd party app.

  • Brad Seeto commented  ·   ·  Report

    This is a great idea, if you need any help in developing this please get in contact with me.

    You can have th crypto currency working similar to the existing currency setup. A feed will need to be setup similar to the Xe.com feed you are currently using. It would be as simple as adding bitcoin in currency as opposed to USD or Euro. The function would be very similar.

    You could tidy up how the realised and unrealised gains are calcualted in the P&L, currently this has to be manually calculated.

  • Anthony Plowman commented  ·   ·  Report

    I believe you should add stable coins such at USDT / USDC / UST to our available invoicing currencies. this has no effect on your business. if our fiat banks can support these transactions, why can't you?

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