Dental services now accepting stablecoin payments! Taiwan's first clinic to accept cryptocurrency, "Dental Reflection"

In the past, fees at dental clinics were mostly collected in cash. However, with the gradual popularity of cryptocurrencies in Taiwan, there is a dental clinic in Taoyuan ── Reflection Dental Clinic, which pioneered accepting cryptocurrencies as payment for dental fees, including registration fees and all self-paid items.

Taiwan's First Clinic Accepting Cryptocurrency Payments

The Traville Dental Clinic located in Taoyuan Arts and Cultural District aims to provide patients with a relaxed and comfortable experience from the moment they step into the clinic. Its stylish and elegant design deviates from the traditional image of medical facilities. In addition to offering comprehensive and professional medical services, the clinic also accepts a variety of payment methods. With the increasing number of cryptocurrency holders in Taiwan, Traville Dental Clinic officially started accepting cryptocurrency payments in December this year!

The Big Questions About Cryptocurrency Payments

Traville Dental Clinic is the first dental clinic in Taiwan to accept cryptocurrency payments. To understand the payment process in detail, we interviewed Dr. Hsieh Chih-hsin and Director Hsieh Meng-hsin about some related questions.

Payment Channels

When using cryptocurrency for payment, the most important aspect is which blockchain and cryptocurrency are used for the transaction. Currently, the clinic offers three payment paths: ERC20, BEP20, and TRC20, with USDT as the payment cryptocurrency. During payment, the clinic sends the address to the patient through the clinic's official LINE account or by scanning a QR code.

In the future, if there are other well-developed side chains, wallets, credit cards, etc., the clinic will also consider opening up to their usage.

Fees and Exchange Rate Issues

However, transaction fees vary for each chain and fluctuate based on the congestion level of the chain. Who will bear these fees?

Dr. Hsieh Chih-hsin stated, "To simplify the transaction process and avoid inconvenience for patients and internal operations of the clinic, we will provide patients with the treatment cost, and the clinic will absorb the transaction fees."

Although USDT is pegged 1:1 to the US dollar, there are still exchange rate fluctuations between the New Taiwan Dollar and the US Dollar. To overcome this exchange rate difference, the clinic will adjust the USDT charges quarterly to prevent losses for patients.

Tax Issues

In addition to transactional issues with cryptocurrency payments, tax matters also need attention. Although Taiwan has not established clear regulations to govern this, in the eyes of the general public, cryptocurrency transactions may unintentionally be associated with money laundering.

Regarding this, Dr. Hsieh Chih-hsin mentioned, "We have discussed with accountants and established a wallet specifically for receiving and making payments to ensure the transparency of financial flows. If there is a need for tax reporting in the future, the National Taxation Bureau will verify it."

The Idea of Providing Cryptocurrency Payments

Not only in the medical field, but also in Taiwan, the number of businesses that accept cryptocurrency as a payment method is limited unless they truly understand the industry and believe in its development.

"We are actually leading by example. When someone starts doing it, others will follow," explained Director Hsieh Meng-hsin.

Dr. Hsieh Chih-hsin added, "Initially, cryptocurrency was only a small part of asset allocation, but perhaps in the future, cryptocurrency payments will become quite common. Moreover, blockchain applications such as DeFi, GameFi, etc., are bound to have an impact on future industries, which is why we decided to integrate cryptocurrency payments with the clinic." Dr. Hsieh is also closely monitoring the technological developments of L1, L2, and the future of Web 3.

Integration of More Blockchain Technology and Concepts

As the concept of DAO (decentralized autonomous organization) gradually gains popularity, Dr. Hsieh has new ideas for the operating model of the clinic.

"I think the DAO concept is excellent. I hope that in the future, the clinic will be collectively operated and managed by the team, so that employees can truly own the clinic. If the team wants to be strong and grow, this approach is more likely to be sustainable and long-lasting," said Dr. Hsieh Chih-hsin.

Whether it is the cryptocurrency payment method or the optimism about the DAO concept, Traville Dental Clinic is truly at the forefront. Just as they are doing, by linking the cryptocurrency industry with the physical industry, only by being the first to lead can new ideas and technologies be popularized. If readers are interested in trying cryptocurrency payments and having a positive dental experience, why not visit the Traville Dental Clinic in person!