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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  ·  Mark Blundell 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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  • Ryan Kuester commented  ·   ·  Report

    Hi Xero! I'm a long-time Xero customer that has recently been invoicing and receiving payments in Bitcoin in addition to US dollars. It would be very helpful to have BTC as a currency in Xero just like any other foreign currency. Doing the invoicing and accounting for Bitcoin separately, outside of Xero, is quite a chore. It's becoming an important feature for us to find.

  • Ryan Kuester commented  ·   ·  Report

    Hi Xero! I'm a long-time Xero customer that has recently been invoicing and receiving payments in Bitcoin in addition to US dollars. It would be very helpful to have BTC as a currency in Xero just like any other foreign currency. Doing the invoicing and accounting for Bitcoin separately, outside of Xero, is quite a chore.

  • Philip McGee commented  ·   ·  Report

    With the acceptance of crypto becoming more and more prevalent, and its legality being celebrated, would love to see certain cryptos, especially those with a community concept behind them (ETN= electronium is using profits to replant seagrass around the continents) as well as some of the major players BTC, ETH, XRP etc able to be used to pay/receive on invoices just like debit/credit cards. Especially in our field of work as booked hire/Chaueffer

  • Richard Burgess commented  ·   ·  Report

    Kia ora Xero Team,

    I’m the director of Mercury Bay Hi-Ab Services Ltd, a regional transport and crane logistics company based in Whitianga.

    We’re increasingly seeing customers requesting to pay in Bitcoin and would like to process these transactions directly through Xero rather than via manual journal entries or third-party wallets.

    Could you please advise whether Xero plans to enable crypto-asset payment support or partner integrations (e.g., Coinbase Commerce, BitPay, or similar) for New Zealand-based businesses?

  • Grant Mori commented  ·   ·  Report

    Daniel Moule is certainly making an interesting point wrt to Sats

  • Daniel Moule commented  ·   ·  Report

    Dear Mr Blundell,

    I completely agree with your point regarding the decimal precision issue with Bitcoin. I would speculate that Bitcoin adoption is growing and will continue to do so.

    What has helped my own experience with Bitcoin is recording the number of Satoshis (or Sats) rather than Bitcoin fractions. It makes the accounting much easier and intuitive.

    You may be aware that a Bitcoin is comprised of 100,000,000 Sats.

    Have you looked at implementing Sats (rather than Bitcoin fractions) as a foreign currency? This may solve the decimal precision problem.

    All the Best!

  • Mark Barlow commented  ·   ·  Report

    We have 3 businesses on Xero and two of those three now have holdings in BTC and accept BTC, other cryptos, and stable coins for payment!
    Come on Xero, THIS IS A PRIORITY!

  • Josh Borthwick commented  ·   ·  Report

    I would also love to see this integrated. @Xero do you have any update here?

  • Mark Minors commented  ·   ·  Report

    I would say now is a good time to reassess Xero’s position on this. Feb 2023 when Mark responded is a long time ago in the crypto world, look at all the recent comments. Bitcoin is going mainstream and there’re plenty of us who know the value of the currency beyond an investment asset. I can guarantee Xero will be doing this one day as will everyone. It’s just a matter of when.

  • Mark Barlow commented  ·   ·  Report

    Thanks for the reply Mark. Has Xero got a recommendation on how the handle this with the existing feature set - is there a workaround?

  • Bernhard Ruf commented  ·   ·  Report

    its 2025, even the US government adopts Bitcoin before XERO..

  • Hugo Elliott commented  ·   ·  Report

    +1 to adding this feature.

    The scope should include stablecoins in USD, EUR, and other major fiat currencies. We currently accept and make payments using stablecoin alongside traditional banking rails. They [stable coins] are much faster and cheaper for us to pay for goods and services.

    I know it is a single data point, but since offering payment options in crypto, we have seen more clients pay in crypto.

    For those @ Xero monitoring crypto adoption - Chainalysis do a good report on this. https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/

  • Mathew Merlehan commented  ·   ·  Report

    Since first posting this, I have moved to a firm that specialises in the taxation of crypto activity. Not only is the rate of adoption of crypto as a speculative asset ever-increasing, so too is its use case as a borderless payment rail. This is particularly valuable for our business as we accept the payment of crypto for tax agent services.

    An increasing amount of payment solutions are coming online as well, like Request Finance for business invoices, bills and payroll as well as POS solutions like Wallet of Satoshi (Bitcoin Lightning Network) and Slice (Base, the OP Stack chain being built by Coinbase).

    However, the solution to maintaining half-decent records is a solution stack that mediocre at best. Request has a CSV import only with Xero (but has full integration with Quickbooks) and the integration with CryptoTaxCalculator (CTC) is not flexible in the way records are bridged across. In both instances, the end result is major UX roadblocks and inefficient completion of work required.

    Please kick this up the priority list. By the time you realise crypto is 'here', it will be too late.

  • Josko Sestan commented  ·   ·  Report

    Hey Mark, check out Chainlink ($LINK) for Rate Feeds Xero's best strategy is to build a Xero Extension Wallet (See MetaMask) and then integrate the Wallet into Xero

  • Chris Selwa commented  ·   ·  Report

    I'd like to see Bitcoin.

    Frankly its a bit of a joke that xero doesn't offer it, even in rudimentary form, and the plans are "kick the can down the road, because its a niche thing".

    I'm hunting for a solution today and for some entities will take my business to the person that offers it.

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