Citizens in New Zealand are permitted to Receive Their Salaries in Cryptocurrencies

Maheen Hernandez By Maheen Hernandez August 13, 2019 Off
new Zealand cryptocurrency

The Tax Authority has given a new ruling, which permits employers to send their payment to their workers in digital currency. 

The Inland Revenue Department released this ruling; however, the digital currency is supposed to be tax compliant.  The decision also requires that the payment should respect normal salary conditions like fixed payment.  Apart from the payment of salary, payments for periodic services like other benefits and commissions are also permitted in the crypto. Payment from shares and equities are ruled out.  The publication further stressed that cryptocurrency is not a legal tender.

The publication read thus:  “In the current environment where crypto-assets are not readily accepted as payments for goods and services, the Commissioner’s view is that crypto-assets that cannot be converted directly into fiat currency on an exchange are not sufficiently “money-like” to be considered salary or wages.”

Technological force is underway in bringing cryptocurrency to Wall Street. Several investors are now seeking to invest actively in digital marketing.  Several asset managers do not have sufficient tools to provide for digital asset management services for their clients.

It is expected that the US Cryptocurrency trading market will grow from $6.4 billion to $10.4 by 2020.  Institutional investors who are looking to gain some exposure to the digital asset ecosystem are increasingly signing up with digital asset management services. Best practices in the cybersecurity zone are practiced to ensure efficient cold storage, compliance, audited account reporting to provide for best quality back-office services to safeguard cryptocurrencies.

An overwhelming majority of US investors are not family with cryptocurrencies.  Newer custodian service companies are increasing awareness and bridging the gap between the cryptocurrency market space and investors.  Cash rebates are the new trend to encourage investors to invest through cryptocurrency trading platforms.

Several services are providing customers with seamless service in order to help them facilitate cryptocurrency investing and trading.

Increasing numbers of ticket entities from across the world are willing to accept the cryptocurrency, and they are integrating the cryptocurrency payment method to their local markets to pay for tickets for different events like Cinema and music concerts.

One of the company had sold nearly 25,000 tickets in the past year, and they are looking to expand the trend to the sports arena.

While all these are happening across the world, the Government of India is expressing clear intentions to ban cryptocurrency, and there is panic among cryptocurrency users in India.