Salaries paid in Bitcoin on the rise in Canada

CBC News reports that there is a growing trend for Canadian employees to have their salaries paid in Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term.

Wagepoint CEO Shrad Rao says his firm launched the option last year but didn't expect much uptake. Yet, employees from 10 different companies have signed up for the option and several more are inquiring about it. Some inquiries even come from the US, where the firm has not even yet launched such an option.

The firm offers the choice of part or all of one's wages in Bitcoin. Employees selecting the "all" option are technically able to take on far more risk than allowed for employees opting to take the maximum portion of their salary in company stock, which is usually less volatile.

According to Canadian tax laws, salaries received in Bitcoin are viewed as barter income and taxed based on the equivalent in Canadian dollars.

Another expert commented, however, that virtually all employees taking this option work in the tech sector, where many are keen to explore and delve into new technologies. Cissy Pau of the Vancouver-based Clear HR Consulting said, "Tech companies, I can see that. But I just can't see that in, say, Canada Post, a more traditional-type company with more traditional-type workers. I would suspect that people will be highly skeptical."