I pay some of my employees through Crypto, and they are very happy about it.

So 3 months back, one of my employees requested me to pay him in Bitcoin. I told him, if he can get atleast 4 more people to agree to this system, we can do it. He came back with 6 other people who were interested in taking their salaries in bitcoin. And that was it. I was surprised to see the number of people that are willing to do this and I was excited.

Ofcourse we chose an easy Manual process of transferring Bitcoin to their wallets, because there were only 7 people.

This helped them to only take out money they had to spend and keep rest of it in their wallets. Most of them have saved more money than they have ever saved in their previous jobs, even if it was just 3 months salary.

If more than 10-15 people show the interest of joining this payment system, we will look into creating or using an automatic payment system, which will smoothen the process.

Is it legal?

The biggest challenge with cryptocurrencies from a payroll perspective is that there is no yes or no answer to the question of the legality of cryptocurrencies, bitcoin included. No central bank in the world has approved crypto as an established means of payment, which makes it difficult for payroll departments to rely on bitcoin as a payment method on par with traditional or fiat currencies.

Though employees can choose the way of payment and currency of it. If an employee signs a document stating he want to get paid in X Amount of chairs. Then that would be a legal wage.

How do we do it?

We use Binance exchange to transfer from wallet to wallet. They later on use P2P method to convert their Crypto into fiat and later on withdraw it if they want to.

5 people get paid in bitcoin and 2 have been paid in Ethereum.

Conclusion -

Crypto adoption will only gain good speed if we all do our parts. Its a bit difficult to do at this moment, but spending 15-30 mins more is totally worth it in the long term.