It is important that the employee independently decides whether he wants to receive payment in this way. Cryptocurrencies are a risky investment, because their value is extremely unstable, and the technology itself appeared not so long ago.
In addition, each country has its own laws related to taxation.
Therefore, at the moment in Remote, this option is available only to employees from the United States, but it is planned to “launch in several countries,” says Vassas.
Rajat Kapoor, head of blockchain sales at the audit company EY, highlighted one important question in his publication for the corporate website: if you receive part of your salary in cryptocurrency, how will a sudden and sharp fluctuation in its value affect your ability to cover mandatory expenses? For this reason, Kapoor recommends transferring only a small part of the salary to cryptocurrencies.
Employers, in turn, should determine how many employees will be interested in this and which third-party provider of crypto payments is better to contact. In addition, it is necessary to inform the staff on this topic and develop terms and agreements.
“More innovation and simplification, as well as trust in the cryptocurrency industry, will [encourage] organizations to make it more accessible,” Vassas said. “This will happen in the coming months and years.”