Tax system is a big issue against Bitcoin salary: Exodus CEO
The chief executive officer of Exodus said that paying salary in Bitcoin is the biggest problem in the current situation but still his company is continuously paying.
Exodus is a multi-cryptocurrency wallet that boasts an easy-to-use UI. However, this wallet is partially open-source but still allows better-secured features for the crypto holders & traders to hold crypto assets with full safety. This crypto wallet platform also allows users to trade crypto assets against some coins. Overall it is a safe wallet package for crypto investors.
Recently JP Richardson, CEO of Exodus platform appeared in an interview with the Cointelegraph news website platform. During the interview, JP said that the company has paid salaries to all the employees in Bitcoin since 2015.
JP explained that:
“For example, if Bitcoin is $30,000 per token, and someone makes $15,000 a month, they’ll get half a Bitcoin on the first of that month.”
Exodus CEO also said that the company usually adds some more Bitcoin to deal with the volatility issues of Bitcoin price to make sure that the company is paying salaries in Bitcoin perfectly to the employees.
JP said that it is all about the efforts of his company to bring bitcoin as a leading option to accept salaries but employees remain free to choose what they want, whether they want to convert salary into fiat or stable coin.
The CEO noted that one-third of an employee of the company are from US and company always take care of the legal challenges to pay salaries in Bitcoin because there are many jurisdictions, where salary in Bitcoin is strictly restricted.
He noted that tax concerns are a big thing when the company asked employees to accept salary in Bitcoin. He said:
“The most popular question we get from new employees is how their crypto salary impacts their taxes. That’s why we offer everyone a tax consultation with an accountant to properly give them the education on how to use Bitcoin and make sure they’re appropriately paying their taxes.”
It is worth noting that many freelancing websites allow people to accept salaries in cryptocurrencies like Bitcoin, and Ethereum but the majority of the people don’t like to accept crypto payment because it restricts crypto payment accepters because paying high taxes on such kinds of salaries results in huge loss for the freelance workers.
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