READ MORE: How cryptocurrency will impact HR

The value of the crypto-asset should be pegged to one or more fiat currencies, the agency ruled. Crypto-salaries must also be easily convertible into fiat currency (on an exchange).

Taxes will be deducted following the pay-as-you-earn scheme. Crypto-salaries, however, need to be disbursed as regular and fixed remuneration for work rendered by employees. Self-employed taxpayers will not be covered by the new option.

The adoption of cryptocurrency as a medium of payment for salaries and wages represents a remarkable shift for New Zealand into the Industry 4.0 era.

Employers who are eager to keep up with digital trends in the HR industry can also benefit from attending next week’s National HR Summit New Zealand, where industry leaders will share insights on modern HR practices. Learn more about it.