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New Zealand has become the first country to legalize the payment of wages in criptomonedas , after the Department of Internal Revenue (IRD, for its acronym in English), the tax agency of new zealand, has issued an opinion that from next September 1, and during an initial period of three years it shall be lawful to pay the wages of the workers employed in criptoactivos.
The legislation passed, published on August 7, stipulates that the payment of the remuneration in criptomonedas represent regularly a fixed part of the salary of the employees, expressly excluding the self-employed of the potential recipients.
in Addition, the regulation requires that these criptoactivos may become “direct” in a fiat currency, and that the value of the same is linked to one or more currencies fiduciary.
In the opinion of the regulator, “not all types of criptoactivos may be taken into consideration”, explaining that in order to be validated as “salary or wages” must be sufficiently similar to the notions existing salary for which shall not be subject to lockout periods and will be able to convert directly to fiat currency, in addition to the purpose of the active cryptographic is to function as a currency.
