Topic: Bitcoin for salary - page 12. (Read 2344 times)
For countries where bitcoin is legal then organization can play to their employees in the bitcoin. But problem arises if not all are that computer literate or does not know how to use it and are not ready to accept it. Some may agree and others may disagree about this as a payment. If it’s a cross border somebody is consultant or even full-time doing transaction through swift etc then they such transaction will be beneficial if done through bitcoin as transfer costs would be cheap and quick too.
it is always best to ask these question from a lawyer who is familiar with the law and specifically the law regarding cryptocurrencies. but in the past i have seen some companies paid part of the salary in bitcoin and of course there is always freelancers who are getting paid in bitcoin although that is not exactly an official salary.
Already there were more number of industries that had paid their employees in terms of bitcoin. Governments won't agree to pay employees in the form of bitcoin. Private firms paying in terms of cryptocurrency is upto the management, and government doesn't have anything to do with it.
In an article read about Indonesian plantation workers paid with bitcoin, as it helps with easy cross border transaction with ease than through banking.
In an article read about Indonesian plantation workers paid with bitcoin, as it helps with easy cross border transaction with ease than through banking.
Like these days, some of our salary are paid in different method, some are being deposit on some bank accounts, some are cheque, some are cash directly.
Average employees want instant access to their money the moment they received it as salary so that they can go directly to any payment processors or ATM to encash it. If ever it will be as Bitcoin payment then they want to use it right away, there's no difference at all to the way they received it on usual fiat.
And on the country wherein there's no local exchanger that can process the withdrawal into cash instantly, it will be a problem.
Is this method is not foul on the government? Or it is legal?
It will be legal as long as the company will declare it to the Labor Department or any Government Bureaus that covered it.
It's not foul since, after all, companies will still pay the associated tax.
The bottom line, the whole idea is good but the world is not yet ready. Lots of factors to be considered. It will be several years in the making.
It totally depends on the current laws of each state/country. Not sure how reliable this website is (the only one I can properly access without JS), but here's what Employment Law Handbook says about the New York state:
As long as the laws allow you to pay the salary in the equivalent of other currencies, products or digital assets, it should be legal and fine. It's on a case-by-case basis.
Quote
Manner of Wage Payments
An employer may pay an employee by:
- cash
- check redeemable for full face value without deduction or fee
- direct deposit, only with the employee’s consent
An employer may pay an employee by:
- cash
- check redeemable for full face value without deduction or fee
- direct deposit, only with the employee’s consent
As long as the laws allow you to pay the salary in the equivalent of other currencies, products or digital assets, it should be legal and fine. It's on a case-by-case basis.
Hmm quite interesting for us, but how about those employees who does not have that much knowledge about bitcoin, they might just accept it til they know it is volatile, very volatile. But I honestly think that it is possible with these 3 factors, 1.) if the company wants to leap a very risky method of paying their employees, 2.) If the employees wants it too and 3.) If the state of the country does not prohibit the use of bitcoin in any way, even in paying wages. I don't know much about the legalities of labor wages, if it can be done using fiat powered coin just like the cheque, but I guess it is too off especially the volatility rate of bitcoin is our main concern.
I doubt there's an issue if they ever want to? Though it is imo, an inefficient way since most companies would convert fiat > BTC then given to employees as salary, then employees would simply just convert it to Fiat again. Although this does bring transparency towards the system of a company, none would probably even want to use it still. The main problem is about adoption of BTC right now, though if we do ignore that and think of BTC as the norms of currency, then it still wouldn't work imo. I'd rather think that governments would create their own blockchain to show transparency of payments and the like, and BTC would then mostly be used as a form of currency for specific scenarios mostly, (or whatever the owner wants to anw).
As for the issue of legality, if adoption comes, then it being legal is a matter of course, though I doubt there's even a law banning salaries to be paid in Bitcoin even now, probably because not much has been shown about it being used as salary?
As for the issue of legality, if adoption comes, then it being legal is a matter of course, though I doubt there's even a law banning salaries to be paid in Bitcoin even now, probably because not much has been shown about it being used as salary?
I don't have lot knowledge about different things about legalities or some government things.
I am become curious about paying an employee using Bitcoin direct to it's Bitcoin wallet.
Like these days, some of our salary are paid in different method, some are being deposit on some bank accounts, some are cheque, some are cash directly.
I want to ask if we will make official method for paying our employees in Bitcoin directly to their Bitcoin wallet.
Is this method is not foul on the government? Or it is legal?
Especially on the department of government that is about the labor or employment.
I am become curious about paying an employee using Bitcoin direct to it's Bitcoin wallet.
Like these days, some of our salary are paid in different method, some are being deposit on some bank accounts, some are cheque, some are cash directly.
I want to ask if we will make official method for paying our employees in Bitcoin directly to their Bitcoin wallet.
Is this method is not foul on the government? Or it is legal?
Especially on the department of government that is about the labor or employment.
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