Is The Cryptocurrency And Specifically The Bitcoins Paving A way To Prove Itself As A Mode Of Salary ?, An Overview :
The new trend of Bitcoin Salary is truly creating an indelible mark when it comes to payment of remuneration. Moreover, in case, we move to the Throwback, the Internet was launched in the early 90’s and post Thirty years, it is also the Digitalized currency which has paved the way to a more faster mode of Payment.
After all, the Globe is becoming smaller and we never know when would it turn the smallest. With the expansion of the Digitalization, comes the opportunity of the multiple facets of the Job scenario, wherein, the Employment opportunities for the Freelancers as well as the Project based Workforce has also augmented.
However, instead of getting paid in Online currencies, the Employees are now looking forward towards Cryptocurrency as a form of Payment.
The Reasons Why Cryptocurrency Creates The Mark :
At the outset, Cryptocurrency is being preferred by Employers as well as Employees only because of the ease of Transactions. Specifically, narrowing down the line, Cryptocurrency has proven extremely beneficial in countries such as El Salvador because it is free from Large Fees and regulations and also the most complicated Taxation process. Specifically, switching on to Bitcoins, it has been even adopted as the Legal Tender in El Salvador.
Parameters To Be Evaluated When Cryptocurrency Is Adopted As The Alternative To The Traditional Money Payback :
Unfortunately, in India, Cryptocurrency is being adopted to have a value, but until now, not accepted as a Legal Tender. On one hand, India is working on the Legislation to regulate the Cryptocurrencies. On the other hand, the Public Draft has not been released yet. Apart from this, the Reserve Bank of India had planned to set the “Digital Rupee”.
Furthermore, this form of Rupee is a Bank backed Digital Currency and at the same time, it would start circulating in the next Fiscal year . As a result, this Currency would be able to usher within a more and more efficacious Currency Management System.
What Lies In The Negative Quadrant ? :
Bitcoins until now was not backed by the Government Banking system. At the same time, these coins have been valued by the Market forces of Demand and Supply, although not possessing a net intrinsic worth. As a result, Bitcoins prove Volatile.
What Does The Bitcoin Recipient Do At The Ground Level ? :
At the base line, the Employer needs to open a Free account on the Cryptocurrency exchanges. As a result, the recipient of the Crypto Payments can store their Bitcoins in these Digital Wallets. At the same time, they can also sell their Tokens on the Crypto Exchange Legal Tender.
The volatility of Bitcoin comes with Two sides of the Coin. This parameter might make the Bitcoin grow and it is the same parameter which might make the Bitcoin value collapse. Apart from this, different countries would be taxing on Bitcoins in different ways.
The Picture Of Taxation On Cryptocurrencies In India :
Coming to this parameter, a Thirty percent Tax needs to be levied on the income from Digital Assets, which includes Cryptocurrency. Moreover, this decision was taken by the Indian Government from the 1st of April, 2022 onwards.
In fact, from the June of 2021, the Crypto Market burgeoned in India by 641 percent. Apart from this, the last Budget also announced the launch of the “Digital Rupee” in the upcoming Fiscal Year by the India’s Central Bank.
At The Ground Level .. Concluding Lines :
Bitcoin Transactions are Speedy and these possess Freedom. Moreover, people are even able to do the Business internationally. Moreover, there already exists a gamut of Legal Tender Currencies which do not suffer from the drawback of the so called “Volatility Factor”, when compared to the Cryptocurrencies.
Despite possessing the Negatives, yet, Bitcoin is in the nascent level of being accepted as Payments. At the Day end, as if now, we need to wait regarding the Transparency from the Government whether how would the Digital Currency impact our Routine lives, when our Remunerations would not be credited in our Savings Bank account, but, the Crypto Wallets.