Spot.IM, a social network company from Israel is intending to pay its employees via Bitcoin (BTC). As of now, the firm is consulting with the Israel Tax Authority (ITA) to get consent for the proposed payment method, alongside the proper way of calculating exchange rates.
Spot.IM is a social engagement platform that builds online communities around digital content. The company works with publishers to bring conversations back from social networks to publisher sites. Headquartered in New York City, the company also has an office in Mahane Yehuda, Jerusalem, the internal capital Of Israel.
The company said they are currently negotiating with the ITA to receive permission for the proposed payment method. Letters requesting approval for the move were also sent to the Ministries of Labor, Economics and Welfare. The company said it expects progress in the coming weeks.
The employees of Spot.IM are reportedly happy with the ongoing discussion as the company will bear the high conversion charges. Aside from net income, pension funds or other benefits won’t be traded utilizing bitcoin.
In the month of February 2018, Israel Tax Authority declared that digital forms of money are resources that are liable to capital gains tax. Therefore, employees should pay a 25% expense on the off chance that they gain from Bitcoin.
Ido Goldberg, leader of Israel’s Spot.IM operations, said that the company is in full favour of cryptocurrencies. With the goal to build trust, digital currencies expect organizations to identify them as genuine assets. Goldberg said,
“As ones who deal with some of the most advanced technologies every day, we are great believers in the future of cryptographic currencies. Still, currencies are built on trust, and to create such trust companies, organizations and institutions will have to recognize cryptographic currencies as legitimate.”
Also Read: Israel Shares Report On How It Will Handle Bitcoin & Other Cryptocurrencies
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