​Time Inc accepting bitcoin subscription payments

Time Inc has signed a deal with Coinbase to begin accepting bitcoin as a form of payment from customers looking to subscribe to its titles.

The publisher of over 90 brands, Time Inc has announced its partnership with Coinbase to accept bitcoin as a form of payment for a number of its titles.

Fortune, Health, This Old House, and Travel + Leisure will be the first Time Inc-owned titles that will accept the digital currency as a form of payment from customers looking to subscribe.

In a statement, Lynne Biggar, Time Inc consumer marketing and revenue executive vice president, said the company hopes its partnership with Coinbase can be extended to include more titles in the coming months.

"We are always looking for ways to make it easier for consumers to engage with our brands and this pilot program will give bitcoin users a seamless and simple way to purchase subscriptions," she said.

Time Inc joins a growing list of businesses including Microsoft, PayPal, Dish Networks, and Dell that are integrating bitcoin into their customer payment options.

The digital currency was officially made a legal currency in California by Governor Jerry Brown earlier this year.

However, in Australia, digital currencies such as bitcoin have been under the microscope. In October, the Senate Economics References Committee launched an inquiry to evaluate the appropriate definition of cryptocurrencies under the Australian taxation law.

The Australian Securities and Investment Commission (ASIC) has said in its submission to the inquiry that bitcoin and other cryptocurrencies are not financial products, and therefore a licence is not required to operate a digital currency trading platform.

Meanwhile, China's largest bank ICBC has banned any trading of bitcoin, joining the Chinese government's aim to crack down on virtual currencies.