Paying Workers in Bitcoin May Be Illegal Under Swiss Law
Despite the growing interest digital currency employers have shown in paying their workers in bitcoin and its alternatives, a new report suggests that the practice may not be legal in Switzerland, one of the global leaders in banking and finance. Entitled 'The Legality of Wage Payment in Bitcoin under Swiss Labour Law', the report was penned by Swiss Socialist Party member Jean Christophe Schwaab, who was notably called upon to draft a study on the dangers of bitcoin last December. Schwaab's report could have broad implications, as it suggests that the payment of any potentially volatile....
Related News
A bill has been introduced in Argentina to allow workers to receive their salaries in cryptocurrency. He explained the idea is that workers “can strengthen their autonomy and conserve the purchasing power of their remuneration.” Argentina’s national deputy for the Mendoza province, José Luis Ramón, tweeted that he has introduced a bill allowing workers to get paid in bitcoin. He wrote, as translated by Google: I presented a bill so that independent workers … have the option of receiving their full or partial salary in cryptocurrencies. He added:....
Implementation of Bitcoin and blockchain technology may help Swiss Banks turn more transparent and accountable. The increasing popularity of cryptocurrencies has got Bitcoin making inroads into the mainstream financial ecosystem. With more people using Bitcoin as a medium of exchange and store of value, there are concerns of digital currency being used by wealthy individuals for tax evasion, money-laundering, and other illegal activities. Among few circles, Bitcoin has been equated to the Swiss bank accounts, which were once well-known for privacy and anonymity (more like pseudonymity).....
A group of Swiss Bitcoin advocates led by Yves Bennaïm has initiated a referendum to amend the Swiss constitution in a way that would mandate the Swiss National Bank (SNB) to include BTC alongside gold in its currency reserves, as reported by local media. The proposed amendment to the Swiss constitution is succinct yet significant. […]
Swiss intelligence services are reportedly looking into the possibility of using bitcoin to pay intelligence sources abroad. Documents unearthed in a corruption investigation reveal that the Swiss Federal Intelligence Service (FIS) examined the possibility of using bitcoin in a document dated February 2014, according to the Tages Anzeiger newspaper. The investigation originally targeted persons involved in the so-called Giroud Affair, which revolved around certain business deals made by winemaker Dominique Giroud, who was arrested in June 2014. Along with Giroud, a professional hacker, a....
According to the US Government, North Korean IT workers are flooding the freelance market. It’s illegal for US businesses to employ them, but, what if they have no idea they’re doing it? In this new remote work world we’re living in, it’s completely possible. The North Korean workers are targeting all kinds of technology-focused businesses, but of course, the CNN report on the matter focused on cryptocurrency firms. “It’s an elaborate money-making scheme that relies on front companies, contractors and deception to prey on a volatile industry that is always on the hunt for top talent.....