This helps me to eliminate any risk of losing Fiat value in the short term and also capitalizing on the fees that I do not have to pay to convert that 10% to Bitcoin myself.
Topic: The first country in the world. Officially salary in cryptocurrency! - page 3. (Read 575 times)
August 15, 2019, 01:11:47 AM
They have been doing this for the last year in my company too, but not a lot of the employees opted to accept this offer, due to the volatile nature of Bitcoin. I accepted the offer, but for only 10% to be paid in Bitcoin.
This helps me to eliminate any risk of losing Fiat value in the short term and also capitalizing on the fees that I do not have to pay to convert that 10% to Bitcoin myself.
This helps me to eliminate any risk of losing Fiat value in the short term and also capitalizing on the fees that I do not have to pay to convert that 10% to Bitcoin myself.
August 15, 2019, 01:00:05 AM
Pretty useless. I doubt there will even be 1 in 100 people who would prefer being paid in cryptocurrencies over regular fiat payments.
Mainstream adoption for cryptocurrencies are just not there yet - barely any stores in NZ would accept cryptocurrencies as a payment option, so you'd just need to sell your coins for fiat currencies and lose out on fees and waste time.
Plus, it's only stablecoins, which is even worse. You are being paid in a coin that's the same as fiat, but doesn't' have adoption like fiat.
Just a PR move for NZ, it's nothing really substantial.
Mainstream adoption for cryptocurrencies are just not there yet - barely any stores in NZ would accept cryptocurrencies as a payment option, so you'd just need to sell your coins for fiat currencies and lose out on fees and waste time.
Plus, it's only stablecoins, which is even worse. You are being paid in a coin that's the same as fiat, but doesn't' have adoption like fiat.
Just a PR move for NZ, it's nothing really substantial.
August 15, 2019, 12:23:31 AM
New Zealand is the first country in the world which is official they are paying salary in crypto currency which is an example many developing nations may pay btc payments in the future
August 15, 2019, 12:28:46 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.
I totally agree that it will be attractive to receive only a part of your pay in bitcoin. Employees should be able to select/opt how much % of their income should be paid in btc directly.
Certainly not 100% payout in btc at this time since BTC is quite slow and this will also hurt the economy since the velocity of money will be affected due to slow tx.
But once btc is accepted and can be used instantaneously like visa and mastercard and btc is also price stable, then I'm ok with 100% btc payout.
August 14, 2019, 11:39:17 PM
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?
Bold and Innovative move by the Government of NZ. But, the real question arises How many employees will want to get paid in cryptos. Banks will still ask for Fiat and not cryptocurrency for Mortgage payments, Credit card payments, and Loan payments. I am also not sure whether local retailers are ready to accept cryptocurrency as a form of payment.
The success of this policy depends completely on the financial ecosystem. I am sure it is still based on Fiat. Until it gets updated, I do not foresee a success.
August 14, 2019, 05:12:45 PM
Does Japan not the first? Which few years ago, japan legalized bitcoin and considered Bitcoin as a legal money on their country.
Btw, it's nothing to do who's first who officialy legalized Bitcoin on every country, as long as Bitcoin continue to grow and mass adoption too. Glad to hear this positive news for Bitcoin
Btw, it's nothing to do who's first who officialy legalized Bitcoin on every country, as long as Bitcoin continue to grow and mass adoption too. Glad to hear this positive news for Bitcoin
August 14, 2019, 04:50:50 PM
You didn't share a link for confirmation of your information.
However, it is a good news. The coin to be used isn't mentioned though.
However, it is a good news. The coin to be used isn't mentioned though.
August 14, 2019, 02:39:50 PM
That is good news,
and I think that probably Slovenia will do the same thing in Europe soon.
They now have big shopping places where you can pay everything with crypto,
and their Eligma system.
and I think that probably Slovenia will do the same thing in Europe soon.
They now have big shopping places where you can pay everything with crypto,
and their Eligma system.
August 14, 2019, 02:23:55 PM
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.Example:
1. https://thetokenist.io/salaries-can-now-be-paid-with-cryptocurrencies-in-new-zealand/
2. https://cryptopotato.com/new-zealand-to-legalize-and-tax-bitcoin-salary-payments-from-september/
3. https://www.google.com/amp/s/thenextweb.com/hardfork/2019/08/12/new-zealand-bitcoin-salary-regulation-bad-idea/amp/
However, this does not apply in my country, even though now 1,700 people in my country are already familiar with Bitcoin.
But from another point of view, the government does not forbid and not order, every bitcoin user.
I also hope that this can happen in my country, going forward, hopefully.
August 14, 2019, 01:56:21 PM
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 14, 2019, 01:29:15 PM
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?
Jump to: