Cryptocurrencies are gaining more and more popularity at the global level. So much so, that a recent survey conducted by an Australian HR startup, ChronoBank, among crypto enthusiasts found that 66% of them would like to receive their salaries in Bitcoin. Also, 83% of them would prefer receiving various bonuses in cryptocurrency, and more than half of all respondents are assured that payments in crypto would positively affect the economic growth of countries.
The survey was conducted among 445 people from all over the world, including countries such as the USA, Russia and Australia. The large majority of the respondents – 75% – are currently employed. As for the age groups featured in the survey, 40% of the participants fall within the 25-34 group.
Enthusiast Employees Are Ready for Bitcoin, Employers – Not So Much
In contrast to their wish to be paid in cryptocurrency rather than in their national currency, few respondents – 30% – believe that their country of residence is prepared to make the switch to salary payments in Bitcoin and other cryptocurrencies.
Speaking of this visible lack of harmony between the employees’ wishes and the employers’ ability to meet them, the CEO of ChronoBank, 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.”
Crypto Enthusiasm Is Not Spreading at a Similar Rate across the Globe
A similar survey conducted by the payment company Sage in the United Kingdom found out that only 31% of 1,000 respondents would prefer receiving their salaries in cryptocurrency.
This difference of opinions and levels of preparedness to embrace Bitcoin and other cryptocurrencies is explained by the ChronoBank CEO:
“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.”
Once again, it becomes apparent that there is an acute need of harmonized regulations and legislations at a global level to govern cryptocurrency trading, holding and use as means of payment for products and services.
Some Countries Are Closer to Adopting Crypto than Others
According to the respondents of the ChronoBank survey, the country that’s most likely to lead the way in making the payment of salaries in cryptocurrency the norm is Japan – 32%, followed by the US – 15% and South Korea – 15%.
Not surprisingly, these countries are some of the top driving forces of change in developing and adopting new technologies, automation, artificial intelligence, etc. Thus, they are perceived as more open to change, even when it comes to something as critical as currency.
US Citizens and the Young Most Willing to Pay Taxes
Among all the respondents, those based in the United States are the most willing to pay taxes for salaries received in cryptocurrency – 65%. By contrast, only 30% of respondents located in Russia stated that they would agree with paying taxes on Bitcoin salaries. Interestingly, the age of the respondent influences the view they have on paying taxes for crypto earnings, as over 60% of the younger respondents from all countries said they were ready and willing to pay tax.
In Australia, cryptocurrencies and other digital assets are treated as taxable property and as an asset for capital gains tax purposes. Any transaction with or exchange of Bitcoin and other cryptocurrencies is treated as capital gain tax event and the income tax is applied to it at the rate applicable for each respective taxpayer.
Tamara is a marketing and PR professional, enthusiastic about crypto, blockchain and technology in general. She has been a part of Bitcoin.com.au’s remote team since 2015. For the past 5 years, together with the Australian team, she has been working on various marketing and PR efforts. Her focus has mostly been on digital marketing, content marketing and social media. Click here to view Tamara’s full bio.