The good news is to see that companies are getting flexible and that cryptocurrencies could be the option for salary.
Personally I wouldn't prefere that because of volatility and lack of regulation but it's good to have the choice. With time I guess more and more companies will adopt such concept but employees need to have the final decison.
Topic: The first country in the world. Officially salary in cryptocurrency! - page 2. (Read 594 times)
August 15, 2019, 10:29:22 AM
August 15, 2019, 09:56:05 AM
In New Zealand, from September 1, people will be able to get paid in cryptocurrency! 
This permission applies only to employees, the established salary will be paid only at a fixed rate, but this does not apply to premiums and dividends. Freelancers and self-employed workers were not included in the permit.
The tax authorities of this country have set the condition that the chosen digital money will be pegged to one of the paper currencies (New Zealand dollar). So that this salary in cryptocurrency can be converted into a standard form of payment, and also vice versa, for paying taxes. Therefore, the employer needs to pay salaries to employees, only liquid cryptocurrency, tied to the rate of fiat money.
Would you like to get paid in cryptocurrency?
This permission applies only to employees, the established salary will be paid only at a fixed rate, but this does not apply to premiums and dividends. Freelancers and self-employed workers were not included in the permit.
The tax authorities of this country have set the condition that the chosen digital money will be pegged to one of the paper currencies (New Zealand dollar). So that this salary in cryptocurrency can be converted into a standard form of payment, and also vice versa, for paying taxes. Therefore, the employer needs to pay salaries to employees, only liquid cryptocurrency, tied to the rate of fiat money.
Would you like to get paid in cryptocurrency?
No doubts, I would love to receive my salary via crypto currencies but only I do prefer bitcoin and nothing else. In this case you are referring what crypto? Maybe it is something new, a crypto that will implemented by the government of New Zealand or are they using other crypto that is already in the market?
August 15, 2019, 09:40:16 AM
It's the first? I heard the same things before about paying salary with cryptocurrency but i don't remember what country. But it sounds interesting to hear cryptocurrency really used in a country to pay salary and even tax and such.
It might be nice if we like to invest in cryptocurrency, and it might be better in certain situation. Like maybe the value of cryptocurrency increases and then it means we got paid more than if we got paid using fiat. But on the other hand, if we're paid using cryptocurrency and the value drops drastically then we might be at loss then. So it's really hard to consider whether i want to be paid with cryptocurrency or not.
If a company decides to pay their employees with crypto,surely it would be at a fixed rate just like what in New Zealand did.This a an advantage for those crypto holders living in New Zealand because they can now spend their profits in crypto to buy things they desire. It might be nice if we like to invest in cryptocurrency, and it might be better in certain situation. Like maybe the value of cryptocurrency increases and then it means we got paid more than if we got paid using fiat. But on the other hand, if we're paid using cryptocurrency and the value drops drastically then we might be at loss then. So it's really hard to consider whether i want to be paid with cryptocurrency or not.
August 15, 2019, 09:24:48 AM
It's the first? I heard the same things before about paying salary with cryptocurrency but i don't remember what country. But it sounds interesting to hear cryptocurrency really used in a country to pay salary and even tax and such.
It might be nice if we like to invest in cryptocurrency, and it might be better in certain situation. Like maybe the value of cryptocurrency increases and then it means we got paid more than if we got paid using fiat. But on the other hand, if we're paid using cryptocurrency and the value drops drastically then we might be at loss then. So it's really hard to consider whether i want to be paid with cryptocurrency or not.
It might be nice if we like to invest in cryptocurrency, and it might be better in certain situation. Like maybe the value of cryptocurrency increases and then it means we got paid more than if we got paid using fiat. But on the other hand, if we're paid using cryptocurrency and the value drops drastically then we might be at loss then. So it's really hard to consider whether i want to be paid with cryptocurrency or not.
August 15, 2019, 08:41:40 AM
For now, I don't want my salary to be paid using bitcoin or altcoin. Although basically I really want to, my reason is because, in my country. Bitcoin and altcoin cannot be used as a means of payment
August 15, 2019, 08:31:44 AM
Would you like to get paid in cryptocurrency?
I've heard similar things discussed over the past couple of years, and the exact same question asked numerous times.No, I wouldn't want to get paid in crypto. Not unless the items in my local supermarket are priced in bitcoin; not until my landlord accepts rent in bitcoin; and not until I can pay my utilities and phone bill in bitcoin. Certainly not unless bitcoin's volatility goes down a lot. With the price swings I've seen since I've been following bitcoin, it would be more risk than I'd be willing to bear to get my paycheck denominated in anything crypto. It would be so easy to lose purchasing power within hours of getting paid.
Don't know how this is going to play out in New Zealand, but best of luck to anyone who takes advantage of it. It might be attractive to receive part of your pay in bitcoin, just as an investment akin to contributing to a retirement plan, but I'd want the majority of it to be in fiat. I would not want to get paid and then be unable to spend my money immediately at Starbucks or whatever, which would be pretty damn hard if all I had was bitcoin.
August 15, 2019, 07:25:56 AM
Let's see if this goes well on them, I'm sure other countries will follow their Ideas too. just for the sake of modernity, we need to adopt this latest technology to have an abundant life. but we need to remember we don't need to change our laws we just need to adopt this system to make our people convenience at some point.
Making cryptocurrency one of the Official salary in our country can support the life of Bitcoins and any other altcoins.
Making cryptocurrency one of the Official salary in our country can support the life of Bitcoins and any other altcoins.
August 15, 2019, 07:07:27 AM
It is something earing and nice to look by, but how people appreciate crypto and accept this as a form of currency, it might not look good.
Though it is officially started, but to know if the people in this country are ready for this and also the market. If bitcoin is accepted in all establishment, then there is no problem but if not, better to stick with fiat rather than offering crypto as salary.
Though it is officially started, but to know if the people in this country are ready for this and also the market. If bitcoin is accepted in all establishment, then there is no problem but if not, better to stick with fiat rather than offering crypto as salary.
August 15, 2019, 07:00:06 AM
In New Zealand, from September 1, people will be able to get paid in cryptocurrency!
This permission applies only to employees, the established salary will be paid only at a fixed rate, but this does not apply to premiums and dividends. Freelancers and self-employed workers were not included in the permit.
The tax authorities of this country have set the condition that the chosen digital money will be pegged to one of the paper currencies (New Zealand dollar). So that this salary in cryptocurrency can be converted into a standard form of payment, and also vice versa, for paying taxes. Therefore, the employer needs to pay salaries to employees, only liquid cryptocurrency, tied to the rate of fiat money.
Would you like to get paid in cryptocurrency?
This permission applies only to employees, the established salary will be paid only at a fixed rate, but this does not apply to premiums and dividends. Freelancers and self-employed workers were not included in the permit.
The tax authorities of this country have set the condition that the chosen digital money will be pegged to one of the paper currencies (New Zealand dollar). So that this salary in cryptocurrency can be converted into a standard form of payment, and also vice versa, for paying taxes. Therefore, the employer needs to pay salaries to employees, only liquid cryptocurrency, tied to the rate of fiat money.
Would you like to get paid in cryptocurrency?
This is for the record, I would like to see how things will turn out, hopefully, it will become successful in New Zealand, then other countries can make them a model if they want to implement it in their own country.
I would also like to get paid in Bitcoin but some companies will have to deal with the rules governing it because of it's volatility and complication
but there will come a time that people will prefer Cryptocurrency over fiat for their salary.
August 15, 2019, 06:46:36 AM
news like this are good but not because people are going to jump in and get paid fully in bitcoin. what people miss in cases like this is that such news is putting the ground work in place so that from now on and in a couple of years a big infrastructure could be built because of this first step that was taken today.
so yeah, i am also not going to be willing to get paid in bitcoin yet since the supermarkets don't sell things for bitcoin. but with this they will soon do that too and then i can get paid in bitcoin.
so yeah, i am also not going to be willing to get paid in bitcoin yet since the supermarkets don't sell things for bitcoin. but with this they will soon do that too and then i can get paid in bitcoin.
August 15, 2019, 06:44:50 AM
I believe it's a good news not only for New Zealand but also for everyone. It would help to give other people,a knowledge about the existence of cryptocurrency and bitcoin. It's also a good news because the government is positive towards crypto.
It would still up to the employees if they would prefer it in fiat or crypto. There would be a lot of rules, options, and limitations about that. It would be better to give more information about it.
It would still up to the employees if they would prefer it in fiat or crypto. There would be a lot of rules, options, and limitations about that. It would be better to give more information about it.
August 15, 2019, 05:29:05 AM
I always thought about take my payments in BTC... now probably I will not decide of that move.. but its great option anyway.
August 15, 2019, 06:32:23 AM
It is good to hear that there are already certain countries that are mainstreaming bitcoin use. This is possible in Switzerland because there is support in the government, other countries will have a hard time doing it since it is a complex task that needs cooperation from different sectors. And the only way to unite and make all sectors agree is the government. In our country I prefer to receive my salary in the form of fiat currency since there are many places without internet and not all have access to computers and it equipments and facilities.
August 15, 2019, 06:30:28 AM
I'm so excited to hear that and if i have a chance, I'll try.
Not many people will accept crypto payment because they must convert their crypto into cash later. We need cash in every single day to pay for food and others while crypto can't.
Not many people will accept crypto payment because they must convert their crypto into cash later. We need cash in every single day to pay for food and others while crypto can't.
August 15, 2019, 02:52:33 AM
Soon, not only New Zealand will begin to officially pay salaries in crypto. Just wait.
August 15, 2019, 06:09:44 AM
The first company that pays their employee with bitcoin is GMO, A company in Japan wants to start paying employees in Bitcoin.
So I don't understand what is the big fuss is all about. We also have to bear in mind the volatility nature of bitcoin here, so I don't know if majority of New Zealand workforce will agree to be paid in bitcoin though.
So I don't understand what is the big fuss is all about. We also have to bear in mind the volatility nature of bitcoin here, so I don't know if majority of New Zealand workforce will agree to be paid in bitcoin though.
August 15, 2019, 04:29:07 AM
As much as i love to hear this and know what it means in respect of adoption and general acceptance, for me i don't think i would want to receive my salary in cryptocurrency, okey that may sound absurd as a crypto enthusiast, but from the point of view of crypto high volatility and unstable price i wouldn't want to receive my salary this way, what happens if the price of crypto goes up or down, how will the coy balance this?
August 15, 2019, 03:57:45 AM
That is good news for me. I guess that will give fresh air for the cryptocurrency to grow more so the cryptocurrency can reach more people in the other country. But we don't know how the reaction for people who are work in the office, perhaps, some of them agrees to receive their salary in cryptocurrency and some of them do not agree. There will a discussion more about that, but I hope that the employee can choose what suit with them and the government does not force them to obey the new regulations.
August 15, 2019, 02:36:57 AM
Re: The first country in the world. Officially salary in cryptocurrency!
No! Check your facts before becoming excited about anything. Japan is officially the first country to offer salaries in cryptos and that happened quite a few years back. Initially we thought it will not be a very popular option for the salaried class people. But it seems like pretty successful in Japan. For reference, you can read the below news,
https://news.bitcoin.com/japan-labor-ministry-confused-as-crypto-salaries-demand-increased/
Quote
Would you like to get paid in cryptocurrency?
It's a very old question and asked many times in this forum. I would not personally prefer to receive my salary in crypto because of undermentioned reasons,
1. Price fluctuations - My salary takes care of my EMIs. So I definitely wouldn't want to risk the value of the salary to be volatile. Salary has to be stable in terms of purchasing power. Crypto posses a major risk in this parameter.
2. Adoption rate - Crypto adoption rate in my country is really low. It will take me ages to find a merchant who is willing to accept crypto for my daily purchases.
3. Fear of hacking - In a centralized banking environment, it is possible to reverse a transaction if anything goes wrong. But absolutely not possible in a crypto environment. Once it is gone, it's gone forever!
August 15, 2019, 01:26:03 AM
It has been discussed with source news. The thread is here, https://bitcointalksearch.org/topic/m.52146161
We have seen previously there was few news about legalization of bitcoin/crypto-currency. But seems eventually New Zealand going to implement crypto-currency use officially. However, it is really good thing for crypto-currency user who live in New Zealand.
We have seen previously there was few news about legalization of bitcoin/crypto-currency. But seems eventually New Zealand going to implement crypto-currency use officially. However, it is really good thing for crypto-currency user who live in New Zealand.
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