Users from countries with an unstable financial history are often more willing to receive their salary in cryptocurrency.
Countries with a long history of hyperinflation or whose national currencies have traditionally been unstable are beginning to accept cryptocurrencies as a main source of incomeUsers in Turkey, Brazil, Argentina and many African countries are turning to cryptocurrency as a way to protect themselves from inflation.
In this sense, companies around the world are Turning to blockchain to find new talent, while they are using cryptocurrencies such as Bitcoin, Ether or stablecoins as an alternative to international money transfers that usually have very high commissions.
In fact, a World Bank report of 2020 shows that the cost of international remittances stands at 6,5%, more than double the United Nations Sustainable Development Goal, which stands at 3%. In comparison, cryptocurrency transfers are much cheaper as they have no fees or exchange rates.
The option of receiving a salary in cryptocurrency is especially useful for people who are employed by companies in other countries. Typically, the company pays in a stable currency, such as Tether, and the user stores the cryptocurrency on an exchange or exchanges it for fiat money and transfers it to their local bank account.
In most cases, Workers prefer to be paid in stablecoins, since their prices always remain stable, Unlike Bitcoin or Ether, whose value is much more volatile and depends on the market.
The advantages of paying your salary in cryptocurrencies
Paying salaries in cryptocurrencies also allows companies Expand your access to talent, as they can hire employees from all over the world, eliminating the worry of payments.
This brings greater diversity to companies and improves perspectives, which can have a huge impact on organisational capabilities. At the same time, it offers greater flexibility and the possibility of integrating daily life with work more easily.
On the other hand, with this way of paying salaries in cryptocurrencies, companies also have the possibility of Hiring talent in countries with sanctions, such as Iran or Cuba, since they can pay workers through decentralized exchanges.
The disadvantages of paying salaries in cryptocurrencies
Unfortunately, the option to receive your salary in cryptocurrencies is not available for those people who live in countries with very strict crypto regulations.
For example, in China they have recently banned payment of salaries in USDT, as the country considers digital currencies to not have the legal status of currency. China is one of the countries with the most restrictive regulation against cryptocurrencies, having banned their use and possession.
In other countries, such as the United States or Spain, cryptocurrency salary payments still have not been regulatedIn our country, it is not possible to receive your salary in cryptocurrencies, although you can receive bonuses or even exchange your entire salary once you have received it.
For this reason, from a legal perspective and depending on the country in which we are located, it may be difficult for employees to receive their salaries in cryptocurrencies.
[hubspot type=cta portal=20298209 id=38fb28e1-1dc1-40e3-9098-5704ca7fcb07]
