@BitcoinTraderIT: Agree, but this is in fact the gift card setup... You buy the right to buy a good from some organization (bit-pay), but which good and when you buy it has not yet been decided. It is decided at the time of delivery, which also is the time where the VAT should be payed - the rationale from the Danish tax authorities is that you don't know at the time of buying which product you end up using your gift card for, and hence you don't know which VAT rate that will apply (in DK the VAT for newspapers and personal transport is 0, 25% for the rest, in Sweden there is another rate for e.g. food). So - bottom line: it is NOT a barter...

@psy: I don't think the fluktuating rate plays a role here. You could easily issue gift cards that would have a higher value on e.g. Wednesdays than on Saturdays (btw - could actually be smart... - need to check if it is actually OK...) the VAT would still be payed from the value of the actual good you buy. Just talked to our local accountant - VAT is for goods not for gift cards and other proof of value. Also note that a gift card in terms of accounting is listed as a debt - you owe the customer.

Finally - gift cards can expire, there is even (in DK) a law that states how long they can last. In that case there is no VAT(!) as there is no goods.

Anyway, the setup you propose - with guaranteed exchange rates, is one I am currently trying to setup