New Zealand officially legalizes paying employees with crypto-currency

**PROFRBcom** · 16 August 2019, 12:55 pm

New Zealand officially legalizes paying employees with crypto-currency

New Zealand issued a tax bulletin this month officially recognizing that it is legal for employers to pay employees with crypto-currencies like Bitcoin.
The crypto-currencies just have to be able to be converted into fiat currency?which is typically the case with every major crypto.
This is another step towards working crypto-currencies into the system, instead of killing their adoption due to ambiguity about legal issues.

Seems like reasonably good news for the crypto world yes?

**drifter8** · 16 August 2019, 12:59 pm

Not a bad news at all

**TheGooner** · 16 August 2019, 4:48 pm

Where did you find that snippet? No mention of it in the real world down here.
Crypto is not a viable retail payment method unless you have a card that converts it like TenX.

**Sherlock** · 16 August 2019, 4:52 pm

I think it is neutral. The only reason why to pay employees is to avoid taxes and formalities. So for those insane people (like me) there is no need to regulate it by formalities.

Maybe it will be lucrative once currencies will start falling like a rock... errr.... ARS.

**PROFRBcom** · 17 August 2019, 1:01 pm

Originally Posted by TheGooner

Where did you find that snippet? No mention of it in the real world down here.
Crypto is not a viable retail payment method unless you have a card that converts it like TenX.

That particular snippet came from Sovereign Man. However, here is something you might find more mainstream:
https://markets.businessinsider.com/...9-8-1028442320

**TheGooner** · 17 August 2019, 7:05 pm

Yeah I found something on this site .
https://www.interest.co.nz/personal-...s-pay-salaries

The main thrust seems to be the IRD saying IF you pay salaries in Crypto, pay bonuses in crypto (or award tokens via IPO) then PAYE taxes are owed. Just in case someone was going to say that since it's not NZD it's not money.

Apparently, NZ's 1983 law explicitly states salaries/wages paid in NZD are taxable, so they're trying to say that all forms of value are taxable

**wonderpunter** · 18 August 2019, 3:58 am

This originated in Japan i think, not sure if it's still the case but how does it work out for the tax man?

**Topboss** · 19 August 2019, 2:05 am

Where did you find that snippet? No mention of it in the real world down here.

It was the main headline in the news last night..... just a few days late LOL

Thread: New Zealand officially legalizes paying employees with crypto-currency

LinkBack

Thread Tools

Search Thread

Display

New Zealand officially legalizes paying employees with crypto-currency

The Following User Says Thank You to PROFRBcom For This Useful Post:

The Following User Says Thank You to PROFRBcom For This Useful Post:

Posting Permissions