Despite cryptocurrencies not being commonly used as a means of payment, this trend is about to change. At least in New Zealand, where cryptocurrencies are already considered legal money.
The New Zealand authorities stunned the world with the country’s new policy on cryptocurrencies. Starting from September 1, the citizens will be able to receive their wages in cryptocurrency.
According to the Inland Revenue Department, any employee has the right to be paid in the form of crypto-assets, but the salary amount must be fixed. Another novelty is that companies are allowed to use cryptocurrency for bonus payments in case it can be exchanged for any fiat money, used as a currency, or pegged to another currency. These bonuses are classified as a salary in order to be taxed properly.
However, the adoption of such regulation in New Zealand does not mean that other countries will follow its example. For instance, the United States do not allow salary in cryptocurrency, but there are people getting paid that way and, accordingly, violating the law. In compliance with the law regulating this issue in the USA, wages must be paid in cash or via payment systems, and crypto-assets fall outside the current legislation.
Money as a means of payment has changed over time, so its digital equivalent is to become a full-fledged currency soon. But if you want to have your wage in Bitcoins right now, you know where to come.
As mentioned earlier, the current situation on the cryptocurrency market did not influence Ethereum that continues to go up in value.