RATE Group | New Zealand just became the first country to legalize salary payments in cryptocurrencie…
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New Zealand just became the first country to legalize salary payments in cryptocurrencie…

14 Aug New Zealand just became the first country to legalize salary payments in cryptocurrencie…

Posted at 06:35h in Cryptocurrency News by

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bitcoinDavid Ryder/Stringer

  • New Zealand will legally allow companies to pay salaries in cryptocurrency starting September 1, becoming the first nation to do so, according to a Financial Times report.
  • The country requires the preferred cryptocurrency to be pegged to a standard currency and directly convertible into a normal form of payment. This stipulation allows bitcoin to replace the New Zealand dollar on workers’ paychecks.
  • Companies paying workers in cryptocurrency can deduct income tax through the country’s pay-as-you-earn plan.
  • Visit the Markets Insider homepage for more stories.

New Zealand has become the first country to legalize cryptocurrency salaries, according to a report Monday 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…

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