Crypto Increasingly Used To Pay Salaries in Developing Economies
— Countries, Increasingly, Economies, Blockchain, Employees, Local, Developing, Paid, Funds, Salaries — 1 min read
People in countries experiencing hyperinflation or a history of financial instability are increasingly accepting cryptocurrencies as their main source of income. Companies pay their employees in cryptocurrencies, such as bitcoin, ether and US dollar-pegged stablecoins, as a cost-effective alternative to traditional international money transfers. A 2020 World Bank report shows that the cost of remittance is at 6.5%, more than double the United Nations’ Sustainable Development Goal of 3%. A recent Chainalysis report ranked Nigeria sixth in the world for cryptocurrency adoption and 18th in peer-to-peer exchange trade volume. An Iranian employee who spoke to Blockworks said they tend to keep payments as stablecoins on a condition of anonymity of anonymity on a crypto exchange in KuCoin. Source