New Zealand has become the first country to legalise cryptocurrency salaries, according to a report from the Financial Times.
The country’s tax agency ruled salaries and wages may be paid in cryptocurrencies so long as the preferred digital coin is pegged to at least one standard, or fiat, currency. New Zealand also requires that the crypto of choice be directly convertible into a standard form of payment.
This allows bitcoin — the world’s largest cryptocurrency by market cap — to serve as a form of payment for New Zealand workers when the law goes into effect September 1.
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