Cryptocurrency news for Tuesday includes companies being able to pay employees in virtual currency.
This bit of cryptocurrency news is only for New Zealand. The change will go into effect at the start of September and will last for three years. During this time, companies will be able to pay employees with a digital currency.
This is a change from the current rules around payments in New Zealand. These rules make it so that employers are only allowed to pay their employees with actual money. However, there are also still plenty of restrictions tied to this new cryptocurrency news.
One thing that’s worth noting about the change is that it requires the cryptocurrency to be able to be used like a currency. It also must be able to be exchanged for an actual currency as well. When it comes to taxes, the employer will still take them out for employees before they get their pay. Also, it’s only for salaried employees, reports CoinDesk.
It’s worth noting that this change makes New Zealand the first country to legally allow employees to be paid in cryptocurrency. That’s a major move toward legitimizing the various forms of virtual currency that are out there.
Now that New Zealand has opened this door, it will be interesting to see how employers and employees react to the change. More cryptocurrency news to keep an eye on will be if any other countries are willing to follow New Zealand’s lead.
As of this writing, William White did not hold a position in any of the aforementioned securities.