Considering paying employees in bitcoin

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Considering paying city employees in bitcoin
Bitcoin 101 – How to Pay Your Employees in Digital Currency
According to a Feb. 11 Bloomberg article, the resolution was approved 4 to 1, but in a significantly weaker form than the original version. It only agrees to study the practicality of the steps described above, rather than outright adopting Bitcoin citywide. Considering paying city employees in bitcoin With such a crypto buzz, it’s not surprising that our respondents can also name the most popular digital coins. For sure, it's hard not to be familiar with the "father" of crypto, Bitcoin. 97% of our survey takers know it. Ethereum also has a similarly high familiarity rate, at 86%. 
Considering paying its city employees bitcoin

Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families to travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 kids. More from Dan Miller How Do You Calculate the Cost on an Employee? For these reasons, there is some chance for cryptocurrency to be used for paying workers, particularly because in the IT sector (which is the most interested in paying in crypto) the preferred form of cooperation is B2B contracts (a service contract with a person operating an individual business).

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The Department of Labor generally requires employees be paid in wages that are “in cash or negotiable instrument payable at par.” Without direct guidance from the DOL, it is unclear whether payment in bitcoin satisfies this requirement. In the event it does not, an employer paying someone exclusively in bitcoin would run afoul of minimum wage and overtime requirements. Moreover, some states require that employees be paid in U.S. currency, which can create problems for even those employers who have achieved federal compliance. Low-risk options Segal told CNBC's "Squawk Box" Wednesday that the social media giant is also looking at payment options involving the top cryptocurrency by market cap.
Is considering paying city in bitcoin

However, the real watershed moment comes when employers pay employees directly in Bitcoin. While Suarez will get his next paycheck in Bitcoin, this is still actioned after he gets paid in dollars. Mean thoughts without wrongful actions don’t violate the Fourth Amendment To say that cryptocurrency is in the headlines is a bit of an understatement. In late April, Fidelity announced that it would allow the 23,000 employers who operate their 401(k) plans on the Fidelity platform to include bitcoin as a permissible investment alternative—in the face of a recent Department of Labor pronouncement that doing so is a glaringly bad idea from the perspective of the fiduciary obligations that inform how 401(k) plan investments are to be selected.

Considering paying its city employees bitcoin