Would you like to get your salary paid in Crypto?

in LeoFinance22 days ago

These days when the crypto bull run is going on its peak, its obvious that there is so much positive news floating around. I have seen that when the crypto market is doing well and prices are going up then we can see a lot of positivity all around and some great news that can add more positively will also keep on coming.

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In India these days crypto exchanges are paying their employees salary in crypto it's not that they are paying 100% of it in crypto however some part of the salary paired through this way. not just exchanges but also some of the companies which are in technology have also started paying partial salary in form of cryptocurrency and that I think is a good move to adopt crypto.

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One of my friends working in a technology company who is dealing with some clients through some crypto project is also getting paid in USDT which is pegged coin. USDT is a stable coin so its the same as 1 USD and he generally encase some part of it using exchange and the rest money, he uses to buy other cryptos.

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Even though USDT is used for payment purposes but it is also part of crypto currency so this transaction is also adding value in overall crypto adoption and I think this should be increasing with the passage of time.

In India, cryptocurrency continues to be a grey area and both employees and employers are worried about the tax implications. After encashment of altcoins via cryptocurrency exchanges, I file that amount as income from consultant fee for tax returns.

I never got this option but I do hope that if I ever get a chance then I will be more than happy to accept it because this would easier way to accumulate more crypto every month. Its obvious that I won't be able to use all crypto for holding but I will try to keep as much as possible for the long term. This way I will able to earn returns even on my salary which is practically not possible with fiat.

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This is a new thing in India and also because there is no crypto-created policy in India so its like a bottleneck in this but I expect that if there would be guidelines for crypto then we can see many more companies adopting this way to pay their employee. I understand that crypto will not be treated as an alternate to fiat but its fine since we always have the option to cash out and remaining coins will be stored that can bring good returns if there is positive price movement.

if ever given a chance then, would like to accept your salary in crypto?

Thank you so much.

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100% Yes

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this would be so nice and every month there will be crypto accumulation.

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I would but I would never pick usdt... It's a waste of money transferring it to all the employees! $30 to fees is a lot for an Indian worker, why not a cheaper option like Busd or something that is not on the ETH blockchain?

certainly no for USDT and if given a chance then I would love to have it in Hive, Leo, ETH, or BNB.. I expect that in new few this trend will grow.

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I have a friend of mine that was asked if she wanted to receive it in BTC back in 2019. Unfortunately she didn't accept it 😅

Hell Yes! Why not. BTC, ETH, BNB, HIVE, LEO.. anything would work.

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getting paid in USDT

But, he still has to go through tax process in India, right ? How is he showing his income while submitting returns ?

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But, he still has to go through tax process in India, right ?

yes, because any form of income comes under tax so its must.

He is getting salary slip in INR for taxation purpose.

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