As the craze for Bitcoin increases, and so does it’s price, using it as a payment method is becoming more viable. New tech companies in India are now considering crypto as a payment method. Employees can ask for a full salary, part of it, or bonuses in the form of cryptocurrencies. This is a great thing for companies to do as they are giving the employees the option. And due to the ludicrous price increases of crypto in recent times, people have been actually embracing this new form of payment.
How does crypto as a payment method work?
As per the information we could gather, there are two ways that companies can pay their companies using cryptocurrencies. The first way is to record the payment as a normal rupee transaction but then convert it to cryptocurreny and pay the employee. This is probably the easier way of the two. And if employees wish to go explore the more difficult way, they could register their entities in any nation where crypto is legal. This way, there would be no tax or legal problems.
One such company that uses crypto to pay salaries is Gateway. An official from the company said that they use stable crypto coins like Tether to pay salaries. And Employees can do anything they want with their respective cryptocurrency. Since the value of Tether depends on the Dollar, so the pay goes accordingly.
Many employees from various companies in India said that they are accepting bonuses and salaries using cryptocurreny. And as of now, the regulations in India and laws are not built in a way to ease this process. After receiving salaries in Bitcoin, employees have to file the return in the form of rupees. To assist in that, companies even give them rupee salary slips but pay them actually in BTC.
What are your thoughts on crypto being used as a payment method? And do you think this is a viable method of transaction? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: India forms committee to explore cryptocurrency says, Anurag Thakur
