Forex Analysis & Reviews: 11.02.2022 - Crypto paychecks gain favor...

Live Chat

InstaForex - Official partner of Dragon Racing

This section features the most important information about trading with InstaForex. We provide both analysis from leading experts for experienced traders and articles on trading conditions for beginners. Our services will help increase your profit potential.

Become Trader

Account Opening

See also

Trading Conditions

Forex Analytics

Charts

This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.

Start as Beginner

How to start trading

Useful information

Training and recordings

InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.

Become Investor

PAMM System

ForexCopy System

Passive investments

OYS account

Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.

Become Partner

Main Page

Partner Area

Advantages for Affiliates

Registration

This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.

All Promo Campaigns

Bonuses

Contests

Events

Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.

Full details

Forums

We are in social networks

Forex humour

Forex Portal

InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.

Learn More

History

Why Choose Us

InstaSport

Regulation

Company News

Awards

InstaForex Stars

InstaForex Offline

Headquarters

Key documents

Social Responsibility

InstaForex - Official partner of Dragon Racing

11.02.2022 06:37 PM

Crypto paychecks gain favor among employees, says Deel

According to global payrolls and hiring company Deel, employees around the world prefer to be paid in cryptocurrencies, although they are still a small minority, a research report notes.

Of the 100,000 hired employees in more than 150 countries that the intermediary has worked with over the past six months, about 2% chose to receive at least part of their salary in a currency not backed by the standard currencies, according to the company. That being said, bitcoin has traditionally accounted for about two-thirds of crypto payments — since Deel began offering this option last July.

Deel Intermediary helps businesses recruit foreign employees and contractors by providing employment, compliance, and benefits services. Its dataset is geared towards employees in technology and finance who may be better informed about crypto.

In the report, the company's representatives state that the highest level of cryptocurrency payments, oddly enough, is noted in Argentina. Of course, the country is known for its high rate of inflation, so one can understand the reasons why a third of the hired employees chose this option to receive part of their wages. In Nigeria, it was about one-fifth, but in Brazil, this figure does not even reach 3%, which may be due to the low awareness of its population in the field of blockchain technologies.

In the U.S., where several high-profile soccer players, as well as New York and Miami mayors Eric Adams and Francis Suarez, were already paid in bitcoin, Deel's overall hired share was just 1.2%.

In general, the laws of many countries, including the United States, do not allow workers to be paid in cryptocurrencies. So the representatives of the company specifically noted that they are cooperating with the crypto platform Coinbase Global Inc. so that payments to contractors are directly converted into the currency of their choice.

Companies report payments in local currency for income tax purposes. The volatility of cryptocurrencies means that some employees risk accrued taxes based on payments that have subsequently declined in value. And if for residents of Eastern European countries it is, first of all, to avoid taxation, then in the USA meticulous tax authorities can recalculate the tax base and charge additional sanctions. So it makes sense for residents of developed countries to double-check accruals when receiving wages in tokens.

As a result, cryptofication of wages will increase its share in the employment market until fines from local regulators fall in response. Apparently, legislative regulation is also required in this industry, including the need to avoid double taxation. In the meantime, it makes sense to take a closer look at the assets of companies hiring employees for cryptocurrencies - this seems to be another sector-favorite in the emerging field of crypto services.

You have already liked this post today

*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.