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

post image

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.

Quick Look At All Crypto News And Events For November 2020
Were you too engrossed in trading left and right that you’d completely spaced on getting your monthly update of the latest events in the crypto world? Well,...
Bitcoin Era Success Story: Teen Hits Jackpot With Crypto Trading
17-Year Old Hits The Jackpot With Cryptocurrency Trading Venture The news media has been swept up in a tornado with the latest news of a 17-year-old boy...
Keep Up With October Crypto Events Checking Out This Quick Roundup
Top Crypto Market News Of October You Should Catch Up With Do you think the world is turning more crypto-crazed day by day? There’s no limit to your investments...
A Collection Of Fresh Crypto News For Those Who Missed Out
The Major Roundup On The Latest Crypto News In The World The last month has been full of events and brought even more pressure on local business pretty...
What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset ownership...
What To Expect From A Cryptocurrency Market In 2020
Crypto market has always been a good target for speculation, shady schemes, and "bad guys". It's also very controversial, especially for financial markets...
Ethereum Foundation Confirms Upcoming ‘Istanbul’ Upgrade
On November 7th, Péter Szilágyi announced the date of the foundations impending upgrade, known as ‘Istanbul’. This upgrade will be the eighth hard fork...
Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming more...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of cryptocurrency....
Influence of Recent Cryptocurrency Boom: Does It Still Hurt?
Crypto Exchange Gate.io Agrees With Reports Showing 51% Attack On Ethereum Classic Bitcoin is a decentralized digital currency (also known as cryptocurrency)....
What is a Security Token?
Security tokens became very popular, but do you really know what is STO?STO is Security Token Offering, which is identical to an ICO. In this, there are...
Canada Reports Blockchain To Be Amongst Its Highest Paying Industries
A report recently published by the Canadian Digital Chamber of Commerce proves that the money involved in the blockchain industry of the nation is at the...
Cryptocurrency Exchange Security Levels
The growing interest in cryptocurrencies has led to the emergence of a wide selection of both digital money and the sites where you can exchange one cryptocurrency...
Belarusbank Considers Setting Up Crypto Exchange
Last year March Belarus introduced a decree by which it legalized cryptos and some activities related to them. This made Belarus a frontrunner in the race...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold than...