Several companies are actively trying to develop a way to pay their employees in bitcoin. And although the concept seems very attractive, several obstacles to the implementation of the plans will have to overcome.
In December 2017, when the company GMO Internet Co. Ltd. announced its intention to begin paying its employees a portion of wages (900 USD) bitcoins. The public reaction, as expected, was uncertain. People seemed torn between fear of the fierce volatility of cryptocurrencies on the one hand and the obvious potential for rapid enrichment on the other.
A few months later, we see major changes in this direction. According to Uphold, multipurpose digital money platform, Netflix, Starbucks, Airbnb and other large corporations at will employees be paid their salaries in the cryptocurrency.
Are strong arguments in favor of the benefits of cryptocurrency payments in the global economy. The transparency of Blockchain technology, combined with the speed of digital payments and opportunity bypass Bank middlemen, no doubt, attractive to those who participate in the sharing economy.
In addition, the potential for secure peer-to-peer payments is undoubtedly attractive to each participant in the relationship. In addition, the number of freelancers over the last decade greatly increased, and cryptocurrency payments simply has no equal in pay remote workers.
“This could be a win-win option for workers and companies,” says Saif Benatar, Director of the Initiative on the sharing economy at the University of Minnesota.
“Payments using cryptocurrencies for independent contractors are taxed,” – recalls the lawyer Selva ozelli.
Moreover, employers are obliged to give to independent contractors, which they attract tax form 1099.
However, there are some companies that help employers to pay salaries in the cryptocurrency, taking all the nuances for themselves. But they usually charge a fee for this, than clearly demolish the concept of the blockchain “no third party”.
In other words, the further adoption goes hand in hand with the administrative burden. But is it bad?