Author Topic: Acceptance of Bitcoin and Crypto in New Zealand: A Curious Case  (Read 2 times)

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I've known countries where Bitcoin and crypto in general are legal. In some, it is legal in the sense that it is not illegal; meaning, there are no existing laws which Bitcoin violates, nor laws which are deliberately crafted to make it illegal. While other countries consider Bitcoin legal, it is never accepted as a currency. It may be a security, an asset, a commodity, and so on but never a currency. It may be used as a medium of exchange in selected countries but these countries do not have an explicit law that backs up such set-up.

And then here comes New Zealand. Starting September 1, companies in the country are allowed to pay their employees in Bitcoin or other cryptocurrencies. There are corresponding tax laws on this as well. But here's the condition which I find amazing and encouraging. These cryptocurrencies should be a currency, meaning, that they function as such. It should be, for all its intents and purposes, a money. This is a huge step in mainstreaming the use of Bitcoin and other cryptos in the country.

Sources:
https://www.ft.com/content/54dd4854-bd06-11e9-b350-db00d509634e
https://thenextweb.com/hardfork/2019/08/12/new-zealand-bitcoin-salary-regulation-bad-idea/
https://cointelegraph.com/news/new-zealand-rules-receiving-income-in-bitcoin-is-legal-taxable