In an article published in the Spring 2020 issue of GGI Labour & Employment Law News, Bryan Jacoutot discusses Bitcoin’s rapid ascent into mainstream consciousness and its potential as a viable payment method for legacy structures like employment.
“For a variety of reasons, employers around the world are asking whether they can legally pay their workers in Bitcoin. But even the most enterprising and innovative employers quickly see the tension develop between the borderless nature of Bitcoin and the highly regulated, border-dependent sphere of employment law,” explains Jacoutot.
For organizations ready to take the plunge there are a number of issues to consider, including understanding their specific jurisdictions; requirements of the Fair Labor Standards Act; and issues calculating taxes.
“Bitcoin shows no signs of disappearing any time soon,” says Jacoutot, adding that, “While the vast and varied global landscape catches up to this new technology, there are a few ways enterprising employers can responsibly experience.