atans1

Locals who get paid in cryptocurrency

In Uncategorized on 29/12/2017 at 4:41 am

And it’s not in bitcoin.

Ownself pay ownself ownself’s cryptocurrency. Wonder how company calculates CPF rates payable? And how is reporting of salaries is done to Inland Revenue?

From a BBC report (http://www.bbc.com/news/business-42435838)

At the Singapore based blockchain company TenX, staff usually have their base salary paid into their bank accounts, but their monthly bonus is paid in Pay tokens, the firm’s own digital currency.

The tokens, which can be traded on digital exchanges, were issued in an initial coin offering in June, allowing the company to raise $80m.

TenX co-founder and president, Julian Hosp, said it did not make sense to buy Bitcoin to pay bonuses when the company already had its own currency.

Paying bonuses in tokens can incentivises staff as Pay’s value should rise in line with the company’s success, Mr Hosp added.

TenX community manager, Mike Ferrer, has gone further and opted to receive part of his base salary in Pay, on top of his monthly bonus.

The 32-year-old has been investing in cryptocurrencies for some time, and accepts that there are huge risks, but says he only invests what he can afford.

“I visualise myself throwing in a pile of money and watching it burn in front of me, and if I can’t feel comfortable with that then I know I’ve over invested”, Mr Ferrer said.

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  1. Am sure the bonus paid in cryptos will be treated the same as bonus paid in shares or share options. Have the stuff valued and there you go, pay the tax, pay the CPF in fiat S$

  2. is bbc a good paymaster to its employees in its sg office ?

  3. Have a feeling very very little of their staffs need to pay cpf.

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