Cryptocurrency Q&A
Is it legal to be paid in Bitcoin?
Is it legal to be paid in Bitcoin?
CryptoTrader
Mon Oct 07 2024
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7 answers
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I'm curious to know, is it actually legal for an employer to pay their employees in Bitcoin or other cryptocurrencies? I understand that Bitcoin and other digital currencies are gaining popularity, but I'm not sure if they're recognized as legal tender in all countries. Are there any legal implications or tax considerations that need to be taken into account when receiving payment in Bitcoin? I'd appreciate any insight you can provide on this topic.
7 answers
MatthewThomas
Wed Oct 09 2024
California's labor laws place specific restrictions on the forms of payment that employers can use to remunerate their employees.
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benjamin_cole_nurse
Wed Oct 09 2024
According to these regulations, wages must be "payable in cash, on-demand, without discount."
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EchoChaser
Tue Oct 08 2024
Consequently, employers who choose to pay their workers in cryptocurrencies could inadvertently violate state labor laws.
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HallyuHeroLegendaryStarShine
Tue Oct 08 2024
This provision aims to ensure that workers receive a stable and predictable income, which can be easily accessed and used for their daily needs.
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ethan_lewis_journalist
Tue Oct 08 2024
However, the emergence of cryptocurrencies like Bitcoin has presented a new challenge to this framework.
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