Japan firm says it will pay part of salaries in Bitcoin
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A Japanese company will start paying part of its employees’ salaries in Bitcoin, as it aims to get better understanding of the virtual currency, a spokeswoman said on Friday.
GMO Internet, which operates a range of web-related businesses including finance, online advertising and internet infrastructure, will start paying up to 100,000 yen ($890) monthly by Bitcoin to its employees in Japan from February next year.
“Employees can receive salaries by Bitcoin if they want to,” company spokeswoman Harumi Ishii said.
“We hope to improve our own literacy of virtual currency by actually using it,” she said.
The offer will be open to around 4,000 employees of the GMO group in Japan, she said.
The company started a Bitcoin trading and exchange business in May.
And next month, it will join the so-called “Bitcoin mining” business — gaining the right to receive new Bitcoins as a reward for helping keep the network secure by approving transactions.
World Bitcoin prices have surged globally this year, soaring from less than $1,000 in January to $17,000 this week.
Questions & Answers
Q.What is the primary motivation for GMO Internet offering partial salary payments in Bitcoin?
What is the primary motivation for GMO Internet offering partial salary payments in Bitcoin?
The company aims to gain a better understanding of the virtual currency. Its spokeswoman stated they hope to improve their own literacy of virtual currency by actually using it themselves.
Q.When will employees in Japan be able to receive part of their salaries in Bitcoin?
When will employees in Japan be able to receive part of their salaries in Bitcoin?
GMO Internet will begin offering this option to its employees in Japan from February next year. The offer is open to around 4,000 employees within the GMO group.
Q.How much of an employee's salary can be paid in Bitcoin?
How much of an employee's salary can be paid in Bitcoin?
Employees who opt into the scheme can receive up to 100,000 yen monthly in Bitcoin. This amount is equivalent to $890, based on current exchange rates.
Q.What other activities has GMO Internet recently undertaken related to Bitcoin?
What other activities has GMO Internet recently undertaken related to Bitcoin?
The company started a Bitcoin trading and exchange business in May. Also, it will join the Bitcoin mining business next month, earning new Bitcoins for securing the network.
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