A Company Plans to Pay Salaries in BTC, Asks Permission From Israeli Authorities

A Company Plans to Pay Salaries in BTC, Asks Permission From Israeli Authorities

According to news.Bitcoin.com, currently in Israel, high-tech firms are experiencing the huge rivalry, and each of them is trying to do the best at attracting the most brainy staff members. One of such companies in this country has decided to offer its workers salary in the most known cyber currency – bitcoin. Now it is up to the Israeli authorities to issue permits or not.

Bitcoin-Salaries: Not Easy to Get Them

Spot.IM is an Internet enterprise which is considering the possibility of paying its workers in BTC. To make the fancy dream come true, it has commenced negotiations with ISA – the Israel Securities Authority. In accordance with reports, the discussions include the issue of a suitable exchange rate as long as it is the crucial topic for making it all work out.

It is more likely that the final agreement between the company and the Israeli authorities will be reached within July (plus or minus). As it is said in news.BTC.com report, the deal will permit the enterprise to arrange its further plans.

However, ISA wasn’t the only Israeli body to which Spot.IM had to turn to. Also, the company has brought the issue to the Labor Ministry of Israel, and the latter, in its turn, has unveiled its officials are considering the issue.

What Is Ahead For Spot.IM Employees?

The idea of paying the salary to Spot.IM workers means that any of them may accept the entire salary (or just a fraction of it) in bitcoin. At the same time, Spot.IM promises to cover the expenses related to high shekel conversion charges.

Can It Work Out?

As of writing, bitcoin is not subject to Israeli law, and the country recognizes this cryptocurrency neither as security nor as a currency. However, the Israeli tax system does consider anything that has value when the paycheck is counted.

So right now it’s all about preventing any potential bureaucratic misunderstandings as well as difficulties with banking systems. For that, the company needs to get an approval (in the form of a seal) from state officials.

The leader of Spot.IM functioning in Israel – Ido Goldberg – has recently told Israeli journalists from a newspaper Calcalist that his business is a great believer in cryptos. He added that cyber-coins are actually built on trust. Therefore, to set off “trust companies,” various bodies and organizations have to admit digital money is legal.

By the way, Israeli Spot.IM is not a member of the crypto-ecosystem, but it has a lot to do with online communities and digital content in the internet niche. In particular, the enterprise assists significant media sites in dealing with comments sections and getting more engagement from people. Among its customers, there are NBC, Fox News, Huffington Post, Time Magazine and many more household names.

Spot.IM was founded around six years ago, and since then it has gathered around $38 million. The latest round of fund-raising that the company held took place last year November and provided Spot.IM with $25 million in series C funding. Interestingly, the company got it from the Russian billionaire Roman Abramovich and a group of other venture capital actors.