New Zealand allows salary payments with Bitcoin

Von

August 14, 2019

In new Zealand you can get his salary soon to be officially in crypto-currencies. The country allowed companies in the future, the Transfer of wage payments in Bitcoin & co. The regulation comes into force on 1. September of this year. In order for new Zealand opts for a progressive course in cryptography, while other countries are still hesitating.

From Polina Khubbeeva
14. August 2019BTC$11.401,00 -0.43%part Facebook Twitter LinkedIn xing mail

The new Zealand tax authority published on 7. To promote the August a money-laundering with new regulations on salary payments in digital currencies. This means that crypto-currencies are officially allowed, and companies can pay their employees, thus in Bitcoin & co. The regulation comes into force on 1. September 2019 in force.

In section 91D of the Tax Administration Act will also explain how the payments in crypto-Assets in Australia for tax purposes, to hand. Using the PAYE framework („Pay as you earn“) can be taxed, therefore, the crypto-payments officially.

new Zealand have a look in crypto-forward

The new Zealand authorities indicate that the used crypto-currencies directly in conventional forms of payment are convertible.

the document says:

In the current environment, are crypto-Assets not yet extensively as payment for Goods and services accepted. Therefore, the legislator is of the opinion that crypto-Assets, which money are not on an exchange directly to Fiat convertible, not „money-like“ enough to be considered as wages or salary.

in addition, payment of bonuses, gratuities and commissions are not covered under the scheme. The payments must be part of a fixed wage rate. Accordingly, the document is silent on payments to shareholders of joint stock companies. Similarly, the self-employed are excluded from the new rules.

new Zealand has a large step in the direction of the crypto-adaptation. So far, the majority of States did not dare to such a progressive scheme for digital currency concepts. On the contrary, The Trend in some countries, more likely in a repressive direction. The reason for this is that Bitcoin & co. as volatile, so strong in the course of fluctuating, currencies, shall apply. In addition, crypto-currencies are on the attack, under certain circumstances, established financial structures and may question the monopoly on power of the state banking system.

furthermore, you can dine with your pseudonyms or anonymous nature of the concerns of the regulators, to promote money laundering. To countries such as Germany and advanced crypto-enacted laws, such as new Zealand, it may take a while.

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