The first country that salaries will be paid in crypto currency
It is now the first country to legalize crypto-wage payments, following a directive issued by the Ministry of Internal Revenue and the tax office for the experimental implementation, from September 1 and initially for a three-year period, of payroll employees’ salaries.
The reason for New Zealand.
The legislation, adopted on August 7, provides for the possibility of paying on a regular basis a part of salaried money and excluding freelancers and subcontractors.
Moreover, it requires that these cryptocurrencies should be able to be “instantly converted” into a fixed, single cryptocurrency whose exchange rate will be linked to one or more national currencies.
As the legislator points out, “not all cryptocurrencies are acceptable“, clarifying that in order to be considered eligible for “pay or allowances” they must have similarities with existing official currencies so as not to be endangered by sanctions, or prohibitions, and can be converted into a national currency.