New Zealand tax services will soon allow local businesses to pay their employees' salaries in Bitcoin and other cryptocurrencies.
According to the latest newsletter of the Inland Revenue Department of New Zealand, the payment of cryptocurrency salaries for persons related to a company by an employment contract will be legal from 1 September 2019 for a period of 3 years.
However, companies will have to respect certain rules. They must, for example, use a cryptocurrency that is instantly exchangeable for fiat currency via a stock exchange, probably to prevent small startups from paying their employees via illiquid digital tokens.
Also, companies are not allowed to remunerate freelance workers with cryptocurrencies.
Last year, the founding CEO of the Binance cryptocurrency trading platform revealed that 90% of its employees had chosen to receive their pay directly in Binance Coin Tokens (BNB).