Ledger Nano S - The secure hardware wallet

Avi Mizrahi: Internet Company Asks Israeli Authorities Permission to Pay Salaries in Bitcoin

tel-aviv spotim salary regulation n-regulation labor-market israeli israel-tax-authority israel-bitcoin israel bitcoin-salary

Internet Company Asks Israeli Authorities Permission to Pay Salaries in Bitcoin

The Israeli high-tech sector is currently undergoing a severe talent squeeze, with companies having to compete over employees with higher salaries, stock options and better perks. One such company might have found a new way to attract and retain tech-savvy staff in this environment: offer to pay salaries in bitcoin. Now it only remains to be seen if the country’s authorities will permit the plan.

Also Read: Founder of Tron Altcoin Justin Sun Takes Over Bittorrent Inc

Spot.IM Wants to Pay Bitcoin Salaries

Internet Company Asks Israeli Authorities Permission to Pay Salaries in BitcoinAn Internet company with offices in Tel Aviv, Spot.IM, is in negotiations with the Israel Securities Authority (ISA). The talks are said to be primarily about the appropriate exchange rate, a critical issue for making this work, and it is expected that the sides will reach some agreements over the next month or so, which will allow the plan to go forward. The company has also brought the matter to the attention of the Labor Ministry, which says its officials are looking into the subject. The plan is that any employee that wishes it can accept the total or a portion of his paycheck in bitcoin, with the company absorbing the costs of the high shekel conversion fees.

Spot.IM is not part of the cryptocurrency ecosystem but of the established Internet industry. It helps media website manage their social engagement and comments section, and among its clients it lists Time Magazine, NBC, Huffington Post, Engadget, Fox News and other big names. The company has raised a total of about $38 million since it was founded in 2012, and its latest round in November 2017 brought in $25 million in Series C funding from Russian billionaire Roman Abramovich and other venture capitalists.

Can They Make Banks Trust Bitcoin?

Internet Company Asks Israeli Authorities Permission to Pay Salaries in BitcoinWhile Israeli law doesn’t officially recognize bitcoin as a currency, nor a security, the tax system does accommodate for including anything of value in calculating salaries. As such, it’s not as if the company would violate the law by not approaching the regulators for permission beforehand. Therefore it seems that, besides an abundance of caution by its legal support, the goal is mainly to prevent future complications with the hostile banking system by getting a seal of approval from the state bureaucrats.

Ido Goldberg, Head of Spot.IM’s operations in the country, told Israeli newspaper Calcalist that: “As ones who deal with some of the most advanced technologies every day, we are great believers in the future of cryptographic currencies. Still, currencies are built on trust, and to create such trust companies, organizations and institutions will have to recognize cryptographic currencies as legitimate.”

Would you want to accept part of your salary in bitcoin? Share your thoughts in the comments section below. 

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Internet Company Asks Israeli Authorities Permission to Pay Salaries in Bitcoin appeared first on Bitcoin News.

Original article was created by: Avi Mizrahi at news.bitcoin.com

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

One more thing you may be interested in:

Interested in Cryptocurrencies and ICO's?

Follow our telegram channel for daily cryptomarket reports!

Join @cointrends

Stay on top of Altcoins and ICO trends.

Subscribe to our free Weekly Cryptomarket report

Delivered once a week, strongly to your inbox.

Subscribe to our mailing list
June 23, 2018

Wendy McElroy: Crypto as Class Warfare

The Satoshi Revolution: A Revolution of Rising Expectations Section 4: State Versus Society Chapter 9, Part 1 Crypto as Class Warfare “Antagonism between the classes will be removed. I do not envisage a dead and artificial level among the people. There will be a variety among them as there is...

From: Wendy McElroy

Supremes Uphold Cell Privacy, Hope for Ross Ulbricht

The United States Supreme Court, in a 5-to-4 decision for the case Carpenter v. United States, ruled cops cannot access cell phone tracking information without a warrant. Around the country, privacy advocates and the mainstream media are hailing it as a “landmark” case. We’re told it has...

From: C. Edward Kelso

The Daily: Analysts Predict Bitcoin Will Rebound, Enthusiasm for State Coins Lost

In today’s Bitcoin in Brief we mention some optimistic mid to long term predictions for crypto markets. And while decentralized currencies are hurting in a bearish month, the prospects for state-issued virtual money look even dimmer. Another senior Swiss central banker has noted the...

From: Lubomir Tassev

PR: Propy to Hold Historical Real Estate Auction on Blockchain

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press...

From: Bitcoin.com PR

PR: Propy to Hold Real Estate Auction on Blockchain

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press...

From: Bitcoin.com PR

Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate

The Canadian province of Quebec has reportedly decided to charge cryptocurrency miners up to roughly three times the current price after they flooded utility Hydro-Quebec with requests for mining operations. In addition, several crypto-related proposals have been submitted including one that...

From: Kevin Helms
Upcoming ICO's
This week overview
Token Name Starts
DNN Token (DNN) logo DNN Token (DNN) 1 days
ZIX Token (ZIX) logo ZIX Token (ZIX) 4 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $6115.67 0.04%
Ethereum logo ETH $470.438 0.26%
Ripple logo XRP $0.485686 -0.04%
Bitcoin Cash logo BCH $749.866 -0.11%
EOS logo EOS $8.29129 -0.24%
Litecoin logo LTC $82.4035 0.25%
Stellar logo XLM $0.199662 0.13%
Cardano logo ADA $0.135573 -0.01%
Tronix logo TRX $0.0435615 0.19%
IOTA logo IOT $1.0009 0.37%
Tether logo USDT $1.0014 0.03%
NEO logo NEO $33.6466 1.11%