Paying Salaries in Bitcoin to be considered in Israel

The solution to encourage talented specialists of the technological firms with Bitcoin is presently being mulled by the authorities of Israel
14 June 2018   1496

Israel companies are generally known by high salaries, conductive working conditions and regular promotions. But all these things are not enough: nowadays the officials of the state are thinking about the encouraging perspective specialists with salaries in Bitcoin. 

The Example has been given by the company Spot.IM. The client asked the officials about a permission for paying its employees` wages in bitcoin. Such cryptocurrencies as Bitcoin are hardly regulated by the security and taxation systems in Israel. In order to overcome all the possible difficulties, Spot.IM is aimed to solve these problems by setting the airbag arrangement with the state authorities. Presently the negotiations with the Israel Securities Authorities are kept. First of all, the exchange rate is being discussed, as it is necessary to consider the volatility of Bitcoin exchange rate.

As soon as all the agreements with the agency would be reached, this issue can be transferred into the Ministry of Labour coordination. The ministers of the structure are  already concerned with the matter and are to be involved in making the decision in near future. Spot.IM is going to take on the costs of conversion. 

The specialists of the technological company Spot.IM are confident about the future of cryptocurrencies, but actually the firm is not yet involved with them. Among the customers of Spot.IM are such news services as Time Magazine, NBC, Huffington Post, Engadget, Fox News and others. Spot.IM is responsible for the social interactions and commentary on these resources. Since the establishing in 2012, the company managed to raise $38 million. In November of 2017 the firm gained $25 million, partially these earnings are owned by the Russian billionaire Roman Abramovich.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   308

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.