A new survey by HR startup company ChronoBank has found that crypto investors are disappointed in the lack of employers willing to pay salaries in bitcoin and altcoins.
Price Instability Doesn’t Phase Crypto Wage Earners
The survey of 445 crypto enthusiasts found that while 66% of respondents are willing to receive wages in cryptocurrencies, only 30% believe that companies in their country will change to paying salaries in digital assets, with U.S. respondents being particularly skeptical on that front. Even more, approximately 83% of all respondents, were also willing to receive their bonus payments in cryptocurrencies.
In terms of taxation, only 52% are ready to pay taxes on their digital revenues. While 65% of U.S. respondents said they were ready to pay the tax man, only 30% of Russians said the same. That said, over 60% of the younger respondents from all countries were ready and willing to pay tax on their cryptocurrency transactions and earnings.
Join CCN for $9.99 per month and get an ad-free version of CCN including discounts for future events and services. Support our journalists today. Click here to sign up.
Respondents hailed from Australia, the U.S., and Russia among other nations, with 92% of the respondents being male, 75% employed, and 40% aged between 25 and 34.
ChronoBank believes that more crypto-payment options for employees would also benefit employers, and CEO Sergei Sergeinko stated:
“Most revealing was that 72% of those surveyed said they would prefer an employer who has the salary payment option in the cryptocurrency when choosing their next place of employment. These results suggest that employers need to get up to speed with crypto sooner rather than later.”
Half of the respondents identified as “hodlers” in the sense that they felt receiving wages in crypto would help them spend less. Sixty percent of respondents aged 18 to 24 expressed this belief, with a total of 19% of all respondents flat-out stating that they wouldn’t use the funds for transactions at all in the hopes that the value would increase.
Regulatory Uncertainty Strikes Again
The respondents, like so many in the space, stated that they were unsure of the rules of engagement when it came to receiving or handling cryptocurrency funds. Sergeinko pointed out:
“Even though there are ongoing changes in the legislation of different countries in the field of cryptocurrency, audiences are still not adequately informed about the innovations. Almost half of the respondents do not have enough information on whether salary payments in cryptocurrencies in their countries are allowed.”
While the regulatory attitude highlights how far we have to go in terms of setting out clear and consistent guidelines worldwide for blockchain and cryptocurrency usage, the survey respondents were optimistic about the future. The majority of HR respondents believed that blockchain will be used as a secure method for payment processing, and 57% of all respondents said that they were confident that payments in crypto would positively affect the economic growth of countries.
Images from Shutterstock