Bitcoin And Crypto Adoption: New Zealand Makes Crypto Salaries Legal
2019 is supposed to be the year in which the crypto community will witness the mainstream adoption of Bitcoin and digital assets and it seems that there are a lot of moves in the crypto space which are supporting this massive goal.
New Zealand just made one huge step in this regard and it will definitely become a precedent, according to crypto experts.
Local workers in New Zealand can be paid in crypto
According to the latest reports, New Zealand’s tax department, the Inland Revenue Department (IRD), has just made it legal for local workers to receive salaries in cryptos.
This ruling will go into effect on September 1, 2019 and it will be applied for a period of three years.
The Daily Hodl notes that employees can be paid in cryptos for any work done under an employment contract.
It’s also important to note that the recipients will have to pay taxes, according to the IRD’s August bulletin.
The official notes reveal the following:
“This Ruling applies only to salary and wage earners, not self-employed taxpayers; and where the crypto-assets being paid:
- are not subject to a ‘lock-up’ period;
- can be converted directly into fiat currency (on an exchange); and either:
– a significant purpose of the crypto-asset is to function as a currency; or
– the value of the crypto-asset is pegged to one or more fiat currencies.”
Head over to the official notes in order to find out the complete info on the subject.
Crypto mass adoption
As we already noted, there have been made a lot of moves in the crypto space that aim for mainstream adoption of digital assets.
The main goal is that regular people have access to crypto and they have the opportunity to spend it.
Important names from various industries decided that it might be time to ride the wave of innovation rather than fight it, and they entered the crypto/blockchain space with various projects.
Not too long ago, Walmart filed an application in order to patent a way to use digital currencies and blockchain technology.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.