Japanese company will start paying salaries in Bitcoin

[icanscript]

Given this increase in the bitcoin rate, I think all employees want to receive a payroll in bitcoins.

[bajigur894784]

Wow .. although Japan has experienced some cases of fraud and failure of digital currency system. but it turns out japan remained confident of bitcoin, until finally the supervisor of financial institutions in Japan has now given the green light on some companies.
No wonder if Japan become a market leader in the world of Bitcoin.

amazing !!!

[tech72]

That is a big step. But are people gonna accept Bitcoin as payments, also what about taxes on those bitcoin?

[hahay]

This is good news that I personally quite curious what the world's response to this news. Whether other countries will follow this or will still prohibit the use of bitcoin as a transaction tool. If other countries and companies follow that, then be sure I'm pretty sure bitcoin prices can stay at such high value now and will probably be stable in the future.

[drwhobox]

TOKYO: A Japanese company will start paying part of its employees’ salaries in Bitcoin, as it aims to get better understanding of the virtual currency, a spokeswoman said on Friday.

GMO Internet, which operates a range of web-related businesses including finance, online advertising and internet infrastructure, will start paying up to 100,000 yen ($890) monthly by Bitcoin to its employees in Japan from February next year.

“Employees can receive salaries by Bitcoin if they want to,” company spokeswoman Harumi Ishii told a French wire service.

“We hope to improve our own literacy of virtual currency by actually using it,” she said.

The offer will be open to around 4,000 employees of the GMO group in Japan, she said.

The company started a Bitcoin trading and exchange business in May.

And next month, it will join the so-called “Bitcoin mining” business — gaining the right to receive new Bitcoins as a reward for helping keep the network secure by approving transactions.

World Bitcoin prices have surged globally this year, soaring from less than $1,000 in January to $17,000 this week.


Copied from a news site.

That's good that they are offering Bitcoin as salary to their workers and said that they can receive Bitcoin if they want to. That's a big advancement for their salary system on how they pay their workers. But, I think that can be a good idea nor a bad idea putting their whole salary in Bitcoin maybe a little bit risky. remember it does have a +20%/-20% margin. I personally would not convert all of my salary into crypto.

[kevoh]

TOKYO: A Japanese company will start paying part of its employees’ salaries in Bitcoin, as it aims to get better understanding of the virtual currency, a spokeswoman said on Friday.

GMO Internet, which operates a range of web-related businesses including finance, online advertising and internet infrastructure, will start paying up to 100,000 yen ($890) monthly by Bitcoin to its employees in Japan from February next year.

“Employees can receive salaries by Bitcoin if they want to,” company spokeswoman Harumi Ishii told a French wire service.

“We hope to improve our own literacy of virtual currency by actually using it,” she said.

The offer will be open to around 4,000 employees of the GMO group in Japan, she said.

The company started a Bitcoin trading and exchange business in May.

And next month, it will join the so-called “Bitcoin mining” business — gaining the right to receive new Bitcoins as a reward for helping keep the network secure by approving transactions.

World Bitcoin prices have surged globally this year, soaring from less than $1,000 in January to $17,000 this week.


Copied from a news site.

But how come ? bitcoin price right now is very dodge and unstable.They could pay them 890$ worth of bitcoin tomorrow it would be 700$ or less. I think it's a bad idea to adop bitcoin as payment method right now , better wait till lightning network is introduced.

That is why the salary payment in bitcoin is optional to employees. An employee asking to be paid in bitcoin should know the risks (or rewards) involved when accepting such payment method.

[Xavofat]

If I worked at a company like this (a tech related company) and I wanted to be paid in Bitcoin, I'd just ask them and see if they were willing to do it.  Announcing it doesn't seem necessary unless they just do it to their employees.

Still, I would probably be interested in being paid partially in Bitcoin - it shouldn't just be getting paid BTC or not getting paid BTC, it should be a mix that the person is comfortable with (if they're a BTC investor or user, it could be a segment of their disposable income).

Given this increase in the bitcoin rate, I think all employees want to receive a payroll in bitcoins.

Or maybe they have a decent assessment of risk instead.

[carrash912]

The Japanese are very faithful, even at work they are very serious. So when the Japanese enter the market, I am completely assured. They are always up to date and ahead of time. So earning a bitcoin sooner or later will happen

[harizen]

But how come ? bitcoin price right now is very dodge and unstable.They could pay them 890$ worth of bitcoin tomorrow it would be 700$ or less. I think it's a bad idea to adop bitcoin as payment method right now , better wait till lightning network is introduced.

And on the other hand, they could pay them $890 then tomorrow it will $1,000. Make sense. That's why it's not mandatory and I think those employees only who are interested are bound for bitcoin payment.

Honestly I don't see any problem if employees there will accept bitcoin as salary as unlike in other country, they have lots of options to used their bitcoin as there are lots of physical shops that accepts bitcoin as payment just like the usage of their usual Yen currency. And no doubt , bitcoin usage there will be more present in the future.

[Chris314]

Great news, one more step towards bitcoin as a world currency. Japan is already quite advanced with bitcoin as many goods can already be bought with. In Europe here, we are not so advanced. Hardly any product can be bought with bitcoin, so it's not soon we'll get our salary in Bitcoins.

[jagadlangit]

wow, sounds good,
i think this news will affect other company to pay the employee with bitcoin and make bitcoin price higher

[cipher-x_09]

Wow just what you expect for the country where it originally came from it's expected and massive for the japanese country because most of the firms or payment industry in there are accepting bitcoin as mode of payment and as other way of investing your money.

[pushups44]

That's great and shouldn't be a surprise, because Japan has officially recognized bitcoin as a currency. Other nations should follow suit and legitimize bitcoin, which can potentially serve as a store of value and protect people from the ravages of hyperinflation or high inflation.

[onrise]

Great news, one more step towards bitcoin as a world currency. Japan is already quite advanced with bitcoin as many goods can already be bought with. In Europe here, we are not so advanced. Hardly any product can be bought with bitcoin, so it's not soon we'll get our salary in Bitcoins.

Since Japan as legalized the btc in their country it is easy for them to accept the bitcoin in everything. It is first time I am hearing that some organization will start paying the btc to their employees. I hope soon this can be replicate in other countries as well. On the other hand the employees can save some btc in their wallet rest they can exchange it for cash for their daily needs. So automatically they are saving the btc for future as well.

[mOgliE]

Hi,

That's an interesting piece of news.. The fact that employees can chose if they want to receive bitcoins or not, is great.

However, for the few who will accept to get their wage in bitcoin... What's next? I mean, are there dedicated ATM machine delivering yens for bitcoins in Tokyo? Do bars, restaurants, and so on accept bitcoin?

I understand, someone must make the first move.. The problem is that, if infrastructure are not in line with the offer; then the employees of such company may soon think that bitcoin is a scam.

Anyway, thanks for sharing!  

[Sleepy18]

Wow this is so great. This is what i loved to japanese people and specially to their information center. They are updated to what is new and what is thrending! They are very aware on and off the net. The government did a really good vision about cryptocurrency and they what its people to be knowledgable about this. I believe that they didnt just do this because bitcoin has the highest market price but also a preparation to the future of altcoins and cryptocurrency for the economical growth of their country! Also they want the people to explore their money in cryptoworld. But i know the japanese government have more action plan than these, and through this news. I think other country will somehow do the same think like japan did

[LeGaulois]

wow, sounds good,
i think this news will affect other company to pay the employee with bitcoin and make bitcoin price higher

I don't think it is something that will encourage companies to do the same. The problem is that bitcoin is now considered as an investment more than a currency. It's like to compare with a company that decides to pay the workers with gold. I think this case with Japan will stay one of the few isolated case

[Snub]

this is certainly a great idea, but rather risky, until bitcoin has become stable...I think this should be an individual decision of each employee - is he willing to take such a risk

[smyslov]

Do they held a consensus if 1005 of their employees will accept their salaries in Bitcoin we all know there's a huge fee involve when you tried to convert it to fiat if they ask me I will ask for 50-50 50% in bitcoin and 50% in yen it's more reasonable that way .

[paolo099]

Besides the topic, Japan is the most advanced country in the world, they are looking at the future like no one else and this is the best way to show to the world how it should be.
On the other hand, as an employee i would rather ask for a 50/50 for many reasons, first because i can't pay everything with BTC, try to pay your electricity bill with BTC if is not accepted: you have to sell some to get fiat and then pay the bill (keep on the list transaction fees which as now, are quite high).
All in all, being paid with a part of my salary a BTC it's considered an investment for the future like most of the holders in the world but we still need cash in the real world, not even in Japan cash is replaced totally with BTC.
Another side of the coin (pun not intended) is about taxation, how they will taxes the salary if paid in full BTC?
This is an interesting point i would love to read.