This Japanese Firm Is Paying Employees In Bitcoin

As Japan becomes more accepting as cryptocurrencies as a means of exchange, a Japanese company is offering its employees the option to receive some of their pay in crypto.

The company, GMO Internet Group, said it introduced the option last month, and it will gradually be extended to all of the company's 4,000 full-time employees.

Those opting in can select what portion of their monthly salary will be received in bitcoin, between a minimum of 10,000 yen (around $88) and a maximum of 100,000 yen ($882), Fortune said.

The company is even incentivizing its employees to choose the bitcoin option by offering to tack on a bonus of 10% to whatever portion of their salary is being paid in crypto. 

While Japanese labor laws require paying salaries in yen, GMO claims it's not breaking any laws since the optional bitcoin payment would be based on mutual consent and deducted from an employee’s monthly paycheck.

Bitcoin

GMO registers domain names and offers web hosting and other services. It also launched an exchange in May, GMO-Z.com Coin, which was later rebranded as GMO Coin. In September, GMO announced it would invest $3 million to mine bitcoin beginning in early 2018.

The firm says it believes cryptocurrencies like bitcoin will evolve into "universal currencies" available to anyone globally, leading to a "new borderless economic zone."

Of course, many financial luminaries from Warren Buffett to Ray Dalio to Robert Shiller would disagree.

Earlier this week, Nobel Prize-winning economist Robert Shiller compared bitcoin to a "contagion" with rapid price fluctuations reflecting the "intensity of the epidemic". He said this despite Fed officials' insistence that the crypto market isn't large enough to have an impact on the broader financial system.

According to Japanese bitcoin monitoring site Jpbitcoin.com, yen-denominated bitcoin trading reached a record 4.51 million bitcoins last year - or nearly half of the volume on the world's major exchanges.

Comments

ldd Wed, 04/11/2018 - 23:47 Permalink

were they given a choice?

 

edit - in some countries when they offer you a choice you do not really have a choice. japan is where the term 'if you stick out like a nail you will get hammered' comes from. when they say you have a choice you often do not. is that the case here?

MGTOW_MONERO_XMR ldd Wed, 04/11/2018 - 23:55 Permalink

Are you old and senile goldbugs still clinging to your PM's "repricing" fantasy? I mean it's been nearly 10 years now - sounds like an excellent interim investing strategy to hold assets that provide 0 yield and are manipulated religiously by organisations far out of your league.

In reply to by ldd

The_merovingian MGTOW_MONERO_XMR Thu, 04/12/2018 - 05:14 Permalink

Never put all your eggs in one basket. I own Gold, I own Crypto (mostly Bitcoin though), I own real estate and other assets.

Bitcoin is by far the best asymmetric bet one can make at this point. Just invest a small amount, if Bitcoin goes up you win big, if it goes down, you don't lose much. That's what I did a few years ago, instead of buying more gold I put a small portion of that money into Bitcoin. Today this small Bitcoin stack is worth 10 times more than my entire gold stack.

This is the perfect time to accumulate Bitcoin, we are down some 80% from ath, the slump will likely last another 6 month to a year or two and in the meantime adoption is still increasing worldwide.

In reply to by MGTOW_MONERO_XMR

Debugas Thu, 04/12/2018 - 02:41 Permalink

the main wages ( >= minimum allowed wage ) should be defined in official national fiat currency.

Bonuses can be defined in whatever way not prohibited by law.

 

The key word in the article is SOME ( means bonuses )

 

"the option to receive some of their pay in crypto"

headless blogger Thu, 04/12/2018 - 02:58 Permalink

This entire scheme came from the "top". It was presented in beta form to see how it would go and to observe any flaws and how the masses took to it.

It is no mistake that this is picking up momentum right at the time the Dollar is about to collapse.

Then people like Soros, Rockefellers, and Rothschild, all invested within same week of each other.

Humans are such cowards and weak minded.

Davidduke2000 Thu, 04/12/2018 - 06:29 Permalink

and what is the purpose of this stunt?? they will still have to cash them even at a loss to live.

people cash in their paychecks to live and these stupid employees need to cash in their pay to live.

acting like punks simply to be different.