New Zealand financial authorities have passed a law that allows companies to pay their workers with Bitcoin or other cryptocurrencies. It is a pioneer measure in the world but, even so, it is subject to some regulation.
New Zealand will allow paying workers with cryptocurrencies to workers who prefer it and who are hired.
First, companies can only use this payment method with their hired workers. In addition, payments have to be made for a fixed value in real money; that is, 1,000 units of cryptocurrencies would not be paid, but the value of 1,000 units of real money in cryptocurrencies.
The law also mandates that payments must be made in cryptocurrencies that can be converted into real money in an exchange. This means that the cryptocurrency used is a simple substitute for fiat money, which would prevent companies from using little-known tokens or new and dubious cryptocurrencies.
This undoubtedly has some advantages. For example, if a worker is destined outside the country, he can probably find ways to move his cryptocurrencies without any tax. In addition, even if it is a fixed amount of real money, cryptocurrencies can increase their value overnight.
Of course, this also works in the opposite direction. Suppose a worker decides to collect a salary of 1,500 euros in Bitcoin. At the time of charging, the price of the BTC is indifferent, since the employee will receive 1,500 euros regardless of how many BTC they are equivalent to. But if the BTC collapses to zero the next day, the worker will have lost all his salary.
Undoubtedly, it is a step towards the implementation of cryptocurrencies in the everyday world, but its experimental nature is enough to disturb workers who have the option to make the change. The law will enter into force on September 1 of this year and will be active for a period of three years.