[2017-12-12] Japanese Internet Giant GMO Offers to Pay 4700+ Employees in Bitcoi

[Terraformer]

Japanese conglomerate GMO Internet Group has introduced a payroll system to allow its 4,700+ employees to receive part of their salaries in bitcoin.

GMO Introduces Bitcoin Salary Payment System

Japanese Internet leader GMO Group has announced that its employees can start receiving part of their salaries in bitcoin beginning in February of next year for the March pay period. This option will initially only be available to employees of GMO Internet Co. Ltd but it will gradually extend to the entire group, the company detailed in its announcement on Monday. According to the company’s website, GMO Internet has 4,710 full-time employees as of September this year.

The company also listed 42 subsidiaries on its website which are part of the GMO Group. They include GMO Coins, the company’s cryptocurrency subsidiary, and GMO Click, one of the world’s largest FX platforms.

In order to facilitate salary payments in bitcoin, the company explained:

"The GMO Internet Group has decided to introduce a system that allows part of the salary payment to be received as bitcoin in order to promote ownership of our domestic employees’ virtual currency."

The minimum bitcoin payment will initially be 10,000 yen (~$88) and the upper limit will be 100,000 yen (~$881). Each salary payment in yen will be reduced by the amount of bitcoin payment paid, using the exchange rate at the GMO Coins exchange. Employees who create an account at the GMO Coins exchange “can receive bitcoin on the same day as their payday,” Nikkei described.

Continue reading >>> https://news.bitcoin.com/japanese-internet-giant-gmo-pay-employees-bitcoin/

[Guardian.P]

When some people think to ban and others to regulate or not. Japan offers salaries in bitcoins. That's what people need to give, this is a choice. I admire this action

[Rahar02]

Because Japan as the first and only country which legalized bitcoin as legal payment, no wonder a big company such as GMO introduced a new payroll system using bitcoin. But, the question is it a must for every employee? Or their employees can choose not to accept it and will stick to yuan. However, salary in bitcoin is a big deal as the price can rise and fall within minutes and it may not work for some business or people who always want to convert bitcoin asap, especially at current mempool which takes hours to confirm a transaction. Fortunately, in Japan, people can easily spend bitcoin almost in every sector of life, even to pay electricity, so it won't be a problem, I guess.

[1Referee]

That's actually a fantastic initiative, which at the same time allows people to save their Bitcoin holdings just like they save a part of their fiat salary every month. I would even accept getting paid in Bitcoin partially where I work. It's not the first time a certain tech related business allows people to accept Bitcoin as partial salary form, but a great way forward nonetheless. I like how Japan is utilizing Bitcoin in the way every country should do it. It's not all that long ago where Japan made an astonishing entrance in the Bitcoin world, and in such a short period of time, they have achieved things other countries wouldn't be able to achieve in five years.

[Kronos21]

Perhaps in the future the ico will replace the stock. Every employee will receive a salary in coins your company. It is a good idea. Each person will give himself fully to work in the company because it is interested to obtain higher profit. In fact, every employee will be the investor of the enterprise. But for this coin all companies should be traded on exchanges.

[jhenfelipe]

Being able to receive part of the salary in BTC is a good news for bitcoin holders/supporters who are working at GMO. Good promotion as well since it can catch the interest of other employees who don't own BTC.

Because Japan as the first and only country which legalized bitcoin as legal payment, no wonder a big company such as GMO introduced a new payroll system using bitcoin. But, the question is it a must for every employee? Or their employees can choose not to accept it and will stick to yuan. However, salary in bitcoin is a big deal as the price can rise and fall within minutes and it may not work for some business or people who always want to convert bitcoin asap, especially at current mempool which takes hours to confirm a transaction. Fortunately, in Japan, people can easily spend bitcoin almost in every sector of life, even to pay electricity, so it won't be a problem, I guess.

I don't think that it's a must because the term use was "option". Also, there is a minimum and maximum amount to be paid in BTC, so I assume employees could decide on how much they want in BTC.

[darkangel11]

Being able to receive part of the salary in BTC is a good news for bitcoin holders/supporters who are working at GMO. Good promotion as well since it can catch the interest of other employees who don't own BTC.

Because Japan as the first and only country which legalized bitcoin as legal payment, no wonder a big company such as GMO introduced a new payroll system using bitcoin. But, the question is it a must for every employee? Or their employees can choose not to accept it and will stick to yuan. However, salary in bitcoin is a big deal as the price can rise and fall within minutes and it may not work for some business or people who always want to convert bitcoin asap, especially at current mempool which takes hours to confirm a transaction. Fortunately, in Japan, people can easily spend bitcoin almost in every sector of life, even to pay electricity, so it won't be a problem, I guess.

I don't think that it's a must because the term use was "option". Also, there is a minimum and maximum amount to be paid in BTC, so I assume employees could decide on how much they want in BTC.

Yest it's of course a voluntary option. The gambler in me would of course take them up on their offer. It's worth it especially now when we're in a bull market.
The employer won't be losing anything on it, so there's no risk involved. The risk is taken only by their employees, that's why there's a maximum amount to make sure nobody goes over the top and ends up having to take a loan to pay the bills when the crash comes.

[gentlemand]

Japan's position is going to make more than a few other governments think twice about attempting to strangle crypto.

They're going to look like utter twats screaming the house down about it when people can point to Japan where it's being used contentedly and fully above board. I don't think Japan's full implications have gotten anywhere near sinking in yet.

[J. Cooper]

Being able to receive part of the salary in BTC is a good news for bitcoin holders/supporters who are working at GMO. Good promotion as well since it can catch the interest of other employees who don't own BTC.

Because Japan as the first and only country which legalized bitcoin as legal payment, no wonder a big company such as GMO introduced a new payroll system using bitcoin. But, the question is it a must for every employee? Or their employees can choose not to accept it and will stick to yuan. However, salary in bitcoin is a big deal as the price can rise and fall within minutes and it may not work for some business or people who always want to convert bitcoin asap, especially at current mempool which takes hours to confirm a transaction. Fortunately, in Japan, people can easily spend bitcoin almost in every sector of life, even to pay electricity, so it won't be a problem, I guess.

I don't think that it's a must because the term use was "option". Also, there is a minimum and maximum amount to be paid in BTC, so I assume employees could decide on how much they want in BTC.

Yest it's of course a voluntary option. The gambler in me would of course take them up on their offer. It's worth it especially now when we're in a bull market.
The employer won't be losing anything on it, so there's no risk involved. The risk is taken only by their employees, that's why there's a maximum amount to make sure nobody goes over the top and ends up having to take a loan to pay the bills when the crash comes.

It's certainly great and I also think I would accept my salary in bitcoin or atleast 25% of it if possible. But I think for some obvious practical reasons it might not be smart to receive your entire salary in bitcoin. You can be a bitcoin enthousiast all you want but at the end of the day someone has got to pay the bills and generally bitcoin is not accepted. So you would end up having to cash out about 75% of your holdings if you want to 'survive' (pay rent, elektricity costs, food and other expenses).