On September 1st, New Zealand will allow companies to pay salaries through crypto-currency. However, the country will require that the crypto-currency being used have a fixed conversion rate with a normal currency; the crypto-currency must also be easily converted into regular money. Bitcoin is the world’s largest crypto-currency. Next month companies in New Zealand will be able to pay workers through bitcoin. It will also be legal for bonuses to be paid in crypto-currency. Crypto-currency salaries will be taxed just like normal salaries. The new ruling does not apply to self-employed workers who won’t be able to get paid through crypto-currency. This change signifies a new attitude of government towards crypto-currency. It means that at least one government in the world sees value in using crypto-currencies for regular payments. Some countries such as Russia, China and others have actually banned or restricted the use of crypto-currencies. Much uncertainty remains about how successful crypto-currency will be in the future; many people have concerns about the environmental impact of crypto-currency because of the large amounts of energy needed to make the system work.

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