German company t3n will use PEY's Bitcoin payroll service, employees can save hundreds of dollars tax-free

PEY, a German Bitcoin payment solution provider, is currently using the API provided by Bitpay to provide payroll services to t3n.

We can send Bitcoins around the world, we can use them to pay for goods and services, and we can exchange them for other currencies and goods. When we can achieve all of the above, can't we also accept Bitcoin as a form of payment?

Well, we can. There are a lot of services that allow companies to pay their employees in Bitcoin. But the main problem is actually whether companies accept it or not. Not many companies accept it, but the situation is slowly improving. PEY, a German Bitcoin service company, has announced that it will launch a Bitcoin payroll solution in the country, and soon, Germany's leading technology publication t3n will use this service.

In the coming days, PEY will add Bitcoin payroll solutions to its existing service products. It is reported that German PEY has further cooperated with Bitpay to integrate Bitcoin payroll services into its products. Since last year, PEY has been using Bitpay's Bitcoin payment gateway API to provide payment gateway solutions for German merchants.

T3n, a publishing company, will offer its employees a Bitcoin payroll option and the company has also released an announcement. According to t3n, employees can choose to receive all or part of their salary in Bitcoin. Since Bitcoin is not recognized as a legal currency in Germany, employees can enjoy the benefits of Bitcoin tax exemption. According to reports, t3n employees may be exempt from taxes of up to 44欧元if they choose to accept Bitcoin's payroll solution.

It is reported that Bitpay has provided Bitcoin salary API for OPSkins, a Canadian gambling market (processing more than 4万美元in Bitcoin transactions per day) and Zuman HR platform in the United States. T3n will become the first company in Germany to pay employees' salaries in Bitcoin. Compared with traditional fiat currency transfer methods, companies can save a lot of time and transaction costs after introducing Bitcoin salary solutions.

While this development is welcome for the Bitcoin community, it remains to be seen how the German government views it. The European Union has become weary of Bitcoin and other alternative payment methods because governments believe that digital currencies can be abused for money laundering, tax evasion and other illegal activities. Following the Paris terrorist attacks, many EU member states have called for a ban on the use of Bitcoin or the introduction of stricter regulations in the region.

However, governments should not be concerned about Bitcoin as a payroll solution, as companies using Bitcoin payroll solutions will also need to maintain records and report regularly to government authorities.

What do you think about using Bitcoin to pay salaries?
Original article: http://www.newsbtc.com/2016/03/22/pey-offers-bitcoin-payroll-to-t3n-using-bitpays-solution/
Author: Gautham
Translator: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/t3n-using-bitpays-solution ‎)