Israeli Startup Spot.IM Intends to Pay Employees in Bitcoin

Israeli startup, social network company Spot.IM intends to pay employees in Bitcoins. At the moment, the company is negotiating with the local taxation authority for permission, Calcalist reports.

Spot.IM Intends to Pay Employees in Bitcoin

Spot.IM plans to open an account on one of the cryptocurrency exchanges. Salaries will be converted into Bitcoins and transferred to employees’ wallets, said the representative of the company Itai Bracha.

To minimize the impact of the volatility of the first cryptocurrency, the company’s exchange rate will be based on the average value between the highest and the lowest BTC price on a particular day.
Commission fees will be covered by the company. In this case, the staff will have the opportunity to choose the method of payment – in bitcoins or fiat money.
The management asked permission of the authorities to pay their employees in Bitcoin. Negotiations are currently under way with the Israel Tax Authority.
After reaching agreements with the securities agency, it will be possible to transfer the matter to the Ministry of Labor. The officials of this body are looking into the matter.
Spot.IM representative said it expects progress in the coming weeks. The Israeli tax Authority declined to comment on situation.

Spot.IM is confident in the future of the cryptocurrency, but in reality it has no connection with it.
The company manages social interactions and comments on resources. Among their clients are Time Magazine, NBC, Huffington Post, Engadget, Fox News and others.

Since its founding in 2012, the company has raised $ 38 million. In November 2017, it received $ 25 million in Series C funding.

Israel’s Position About Bitcoin

Earlier, in January, Israel’s central bank stated that the country doesn’t recognize cryptocurrency as a currency. Nadine Baudot-Trajtenberg, Deputy Governor of the Bank of Israel , said that cryptocurrencies “should be viewed as a financial asset, with all that entails.”
In March, Israel Securities Authority (ISA) excluded of cryptocurrency companies from the TASE indexes.
The Israel Securities Authority warned investors against the risks involved in investing in cryptocurrency companies
In June, the Israeli Knesset postponed the introduction of the law on combating money laundering through digital currencies, which had to enter into force on June 1.

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