Pay wages with Bitcoin! BitPay partners with German service provider PEY

Bitcoin payroll has come to Germany, with payment processing companies BitPay and PEY partnering up to allow Germans to get paid in cryptocurrency.

Last week, bitcoin payment processing company BitPay announced that it had partnered with PEY, a German bitcoin services company. Hannover-based PEY broke the news on its website, joining Canadian gaming company Opskins and US human resources company Zuman in integrating BitPay’s bitcoin payroll API into its products.

Paying salaries with cryptocurrency

PEY will launch a Bitcoin payroll solution for T3n, a leading German technology publication, and plans to expand the payroll service to companies outside of Europe and Germany. T3n recently announced their decision to allow their employees to receive salaries in cryptocurrency. In addition, they are offering employees a tax-free bonus of up to 44 euros.

“The motivation for implementing a new form of wage payment was the strong interest in the new technology and the growing adoption of bitcoin by users in their daily lives,” T3n said in a blog post.

Transaction and tax advantages

Using Bitcoin as salary has several key advantages over traditional banking services, including faster confirmation, less stress on international transfers, and significantly lower transaction fees. In addition, Bitcoin has not yet been considered legal tender in Germany, so it is tax-free, which would allow employees to keep more of their income in cryptocurrency (as evidenced by the tax-free bonus provided by T3n).

Corey Glaze, a senior sales engineer at BitPay, explained in a blog post:

“Bitcoin offers advantages over other methods for corporate payroll. Transactions are confirmed within minutes, are more secure than other online payments, and merchants can use Bitcoin to make local and international payments faster, while also being more economical than using bank transfers.”

Germany is preparing to vigorously develop Bitcoin

Bitcoin has been allowed to flourish in Europe, as governments are hesitant to impose regulation, and the general EU consensus is that cryptocurrencies have the ability to self-regulate. Businesses and BTMS that accept Bitcoin are shown on the map to be concentrated in central Europe, particularly in the Netherlands, Switzerland and the Czech Republic.

Germany is currently lagging a little behind, but the partnership between BitPay and PEY could help reverse that trend.

Original article: http://cointelegraph.com/news/bitcoin-payroll-hits-germany-bitpay-partnering-with-pey

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