More and more developing nations are giving cryptocurrency as a mode of salary.
Key Insights:
- Despite the harsh stand by the Governments, people prefer cryptocurrency as a salary.
- Helps broaden the talent pool
Cryptocurrency has taken the world by storm. It has gained immense popularity, and despite several countries either banning it or being stringent, no one has been able to stop it entirely, and it has been growing strong with each passing day.
Moreover, one more development that has taken place is the people being paid in cryptocurrencies. It has been a game-changer for people living in countries experiencing hyperinflation or those facing financial instability.
But why are people accepting crypto as a salary?
It has advantages like no intermediary, and transfers from both ends are hassle-free and do not involve any additional cost.
However, there is a downside too. Cryptocurrencies are volatile and fluctuate violently. These swings may result in a loss of value and cut wages.
But people prefer being paid in stable coins like USDT because it is stable and doesn’t fluctuate, unlike Bitcoin and other cryptocurrencies.
As a positive change in countries like Turkey, Brazil, Africa and India, people are turning to cryptocurrency as their source of income.
Bringing the world together
Companies are using blockchain technology to source talent from all around the world. It pays them cryptocurrency without additional costs, otherwise incurred in traditional money transfers.
Talent acquisition has become a global phenomenon and has helped bring the world together.
The digital assets are almost instantaneously transferred, and the employee gets the total value as there are no deductions.
Crypto scenario in India
In its Budget 2022, the Government of India levied a 30% tax on income from Digital Assets, including cryptocurrency. Even though crypto has been widely accepted in India, the tax scenario has not been welcomed.
However, that hasn’t stopped people from accepting cryptocurrency as a salary. Besides that, India is looking forward to launching its own ‘digital rupee’ using blockchain technology.
Conclusion
With the changing dynamics, it is inevitable to avoid the possibility of people turning to accept cryptocurrency as a mode of remuneration.
Undoubtedly, it is a parallel world with no intervention and utmost transparency.
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