New rule change: New Zealanders can now get their salary paid out in bitcoin

New rule change: New Zealanders can now get their salary paid out in bitcoin

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Teodor Stig-Matz

teodor.matz@trijo.co

New Zealand's tax authorities now allow salaries being paid in bitcoin and other cryptocurrencies.

Bitcoin and other cryptocurrencies have received very negative comments from politicians and other authorities recently.

Among other things, US President Donald Trump has said that bitcoin is pretend-money.

However, New Zealand’s tax authorities have now made a decision that looks really good for bitcoin and other cryptocurrencies.

It has been decided that it is okay to pay wages with (and pay taxes on) cryptocurrencies, Cointelegraph reports.

Salaries cannot be paid with “tokens”

However, in order for a payout to be made in cryptocurrencies, there are some requirements.

Firstly, it must be a cryptocurrency that is directly interchangeable with fiat currencies. Secondly, the salary must be paid in an actual cryptocurrency and not a so-called “token” (you can read about the difference here), Cointelegraph reports.

If this means that New Zealanders will demand their wages in bitcoin remains to be seen. But in a world where politicians are increasingly critical of cryptocurrencies, this may be seen as a victory for the industry.

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