December 20, 20173min877

Japanese company GMO Internet will start to pay employees in Bitcoin

GMO Internet Japanese company will start paying part of its employees’ salaries in Bitcoin, as it aims to gain better understanding of the virtual currency, a spokeswoman has said.

This Japanese GMO internet company, which operates a range of web-related businesses including finance, online advertising and internet infrastructure, will start paying up to 100,000 yen (£660/$890) monthly by Bitcoin to its employees in Japan from February next year.

According to The Guardian  a spokeswoman Harumi Ishii said.

Employees can receive salaries by Bitcoin if they want to, We hope to improve our own literacy of virtual currency by actually using it. The offer will be open to around 4,000 employees of the GMO group in Japan.

The company started a Bitcoin trading and exchange business in May. And soon it will join “Bitcoin mining” business, gaining the right to receive new Bitcoins as a reward for helping keep the network secure by approving transactions.

The Japanese Government accepted Bitcoin as legitimate mode of payment on April 1. 2017. Numerous Japanese corporations began to consider accepting this crypto currency. Bitpoint Japan, a payment and exchange start-up added to over 100,000 Japanese Retail Stores all over Japan.

The new legislation in Japan classifies Bitcoin and other digital currencies as payment form but not a legal currency. BTC is still treated as asset unless modifications or guidelines are made in Japanese tax laws. It also made official regulations on anti-money laundering as well as introduced standards for audits and security.

According to Mr. Oda, the recent surge in the value of BTC may not be sustainable. Local investors and traders perceive the currency as asset class because of the new rules. A number of big FOREX brokerages will start to trade Bitcoin and enhance volumes. Nonetheless, it remains unclear if BTC payments will not simply become a marketing hype. There are obstacles such as protracted or slow network confirmation time and exorbitant transaction charges.

Benefits of receiving cryptocurrencies as salary

Benefits of receiving Bitcoin and other cryptocurrencies is that people can choose to keep their coins as a long-term investment or draw out their earnings as an income supplement as often as they like.

The option also puts some financial power back into savings, as crypto holders are not locked into conventional savings accounts, some of which have strict access policies and time frames.

 


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