Post
Topic
Board Bitcoin Discussion
Re: The first country in the world. Officially salary in cryptocurrency!
by
pakhitheboss
on 15/08/2019, 04:39:17 UTC
In New Zealand, from September 1, people will be able to get paid in cryptocurrency!  Smiley

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? Wink

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.