An internet media-related company, Spot.IM, has reportedly asked for permission to the Israeli work authority to pay their employees with Bitcoin. This with the idea of attracting more focused employees in a fierce and competitive work environment where companies look to snatch talent one from another, according to an article by Bitcoin News.
Spot.IM is a private internet platform that deals with social engagement publicity and community management to monetize content. They are headquartered in New York but have also offices in Jerusalem, where there is a fierce competition for talent. They have decided to try to differentiate from the lot by paying employees with Bitcoin, a cryptocurrency that has become more and more attractive, even when the price is nearing its lowest levels in this year.
The first step to achieve that is getting permission from the Israeli Labor Authority to receive the permission to do so. The proposal includes the possibility of collecting all the wage in crypto or just a portion; with the benefit for the workers that the enterprise will pay the price for the conversion from fiduciary money to bitcoin. Spot.IM also declared that this was not mandatory, and only workers that wish to collect their salary in crypto would do so.
In Israel, cryptocurrencies are not technically recognized as legal tender or even as assets, but anything can be taxed according to the law; so it would certainly be possible to collect taxes and discount pension percentages from wages.
This initiative must seem strange coming from a company that is not in the field of cryptocurrencies, but one of their founders declared:
“AS ONES WHO DEAL WITH SOME OF THE MOST ADVANCED TECHNOLOGIES EVERY DAY, WE ARE GREAT BELIEVERS IN THE FUTURE OF CRYPTOGRAPHIC CURRENCIES. STILL, CURRENCIES ARE BUILT ON TRUST, AND TO CREATE SUCH TRUST COMPANIES, ORGANIZATIONS AND INSTITUTIONS WILL HAVE TO RECOGNIZE CRYPTOGRAPHIC CURRENCIES AS LEGITIMATE.”
Still, they are waiting for authorities to greenlight this initiative.