The use of Bitcoin and other cryptocurrencies is reportedly on the rise and as their popularity grows employers might begin to consider the potential benefits of paying employees with these new technologies. Offering to pay wages with cryptocurrency could generate goodwill among current or prospective employees - particularly younger generations - prove appealing to people who do not have access to traditional bank accounts, or those who need to forward payments on to family members in other countries.
But according to Robert Daily - an attorney at Ivins, Phillips & Barker - employers should exercise caution. Cryptocurrency has undoubtedly developed at a rapid pace but legislation that might apply to new forms of commerce has not. For this reason, using cryptocurrency to pay employees leaves many unresolved issues related to tax, securities, and employment law. The Fintech Times explores the matters employers might want to bear in mind before embracing this latest payroll evolution.
The use of Bitcoin and other cryptocurrencies is reportedly on the rise and as their popularity grows employers might begin to consider the potential benefits of paying employees with these new technologies. Offering to pay wages with cryptocurrency could generate goodwill among current or prospective employees - particularly younger generations - prove appealing to people who do not have access to traditional bank accounts, or those who need to forward payments on to family members in other countries.
But according to Robert Daily - an attorney at Ivins, Phillips & Barker - employers should exercise caution. Cryptocurrency has undoubtedly developed at a rapid pace but legislation that might apply to new forms of commerce has not. For this reason, using cryptocurrency to pay employees leaves many unresolved issues related to tax, securities, and employment law. The Fintech Times explores the matters employers might want to bear in mind before embracing this latest payroll evolution.