According to a new report done by ChronoBank and reported by CCN, a majority of cryptocurrency investor prefer being paid in bitcoins. The report also show reveals that most of them are disappointed that employers are not willing to pay their salaries in form of altcoins and bitcoins.
Effect of Price Changes of Crypto Wage Earners
The survey polled 445 cryptocurrency investors and enthusiast who are already planning to invest in several digital currencies in the near future. The survey found out that 66% of the respondents have no problem receiving their wages in form of bitcoin or any other globally traded cryptocurrency.
30% of the people polled said that they are confident that companies or enterprises in their respective countries will change their policies to be able to process employees’ salaries in bitcoin. However, a majority of US respondents were skeptical about that due to the many challenges that they felt are hindering widespread adoption of cryptos.
83% of the survey respondents said that they were willing to receive bonus payment payments from their employees in form of bitcoin or any other altcoin in the market. The survey also went an extra mile to ask question related to taxation of digital currencies. An overwhelming 52% of the respondents said that they were ready to pay taxes to the government for the digital revenue they generate from cryptocurrency trading.
65% of respondents from the United States also said they were ready to pay taxes but surprisingly on 30% of Russian crypto investors were willing to pay the said taxes. In a nutshell, 60% of the young cryptocurrency investors had no problem paying taxes for the earnings and cryptocurrency transactions.
It is also important to note that most of the respondents were from Russia, U.S, and Australia as these are the three countries with the highest level of cryptocurrency adoption. 92% of the respondents were male, 40% were aged between 25 and 34 years, while 75% were employed in companies and some were working for the government.
ChronoBank is of the idea that introduction of crypto payment method would not only benefit employees but also the employers. Having a reserve of bitcoin or any other altcoin for purposes of paying salaries means that the company can choose to trade them when the prices are right to meet their daily operating costs.
Uncertainty about Regulations
Surprisingly, the survey showed that most of the people who were polled did not have a clear idea of the set rules and regulations regarding receiving and trading cryptocurrency. Even though different companies are busy coming up with policies and legislation to govern the industry, most of the investors don’t have adequate information about the new laws.
Finally, respondents who work in human resource department are of the idea that blockchain technology will soon be used to process payments as it is more secure and reliable than the existing systems. 57% of the people polled said that they strongly believed that cryptos would have a positive impact on the economy.