Companies are utilizing blockchain cryptocurrency to source talent worldwide

Brian Leclere - 13 July 2022 - APP Blockchain MARKET_WATCH

  • The rising inflation has led to countries adopting cryptocurrencies as the main source of income.
  • Companies are using blockchain technology to pay the salaries of their employees.
  • Blockchain technology is also helping companies to source talent globally.

Cryptocurrencies are becoming popular as the main source of income in various nations. These nations are either currently experiencing hyperinflation or have had phases of financial instability. Turkey, Argentina, Brazil and parts of Africa are the countries that have embraced cryptocurrency. People in these countries are turning to cryptocurrencies due to rising inflation, says Philipp Sandner, founder of the Frankfurt School Blockchain Center.

Companies are leveraging blockchain technology to pay their employees and to source talent worldwide. Crypto assets such as Bitcoin, Ether and US dollar pegged stablecoins are proving to be a cost-effective alternative to traditional international money transfers.Sandner says that moving crypto assets yield the real benefit of blockchain technology. Individuals who are working in a foreign country are particularly finding digital assets useful. Besides, a significantly larger talent pool becomes accessible to employers.

Although there are various advantages of paying in cryptocurrencies, it also has downsides to it. Employees living in regions with strict crypto regulation will not be able to receive crypto salary payments. In 2018, the U.S again imposed sanctions on Iran. Meanwhile, Binance, a leading crypto exchange, has provided services to Iranian crypto-traders. However, there is proof that sanctioned individuals used Binance. Iranian clients if, as a result of transacting, dodge the US trade embargo could harm Binance. Recently, China has banned salary payments in the forms of USDT. The reason provided was that digital currencies are not given the same legal status as legal tender.

The rising inflation has led to countries adopting cryptocurrencies as the main source of income.

  • Companies are using blockchain technology to pay the salaries of their employees.
  • Blockchain technology is also helping companies to source talent globally.

Cryptocurrencies are becoming popular as the main source of income in various nations. These nations are either currently experiencing hyperinflation or have had phases of financial instability. Turkey, Argentina, Brazil and parts of Africa are the countries that have embraced cryptocurrency. People in these countries are turning to cryptocurrencies due to rising inflation, says Philipp Sandner, founder of the Frankfurt School Blockchain Center.

Companies are leveraging blockchain technology to pay their employees and to source talent worldwide. Crypto assets such as Bitcoin, Ether and US dollar pegged stablecoins are proving to be a cost-effective alternative to traditional international money transfers.Sandner says that moving crypto assets yield the real benefit of blockchain technology. Individuals who are working in a foreign country are particularly finding digital assets useful. Besides, a significantly larger talent pool becomes accessible to employers.

Although there are various advantages of paying in cryptocurrencies, it also has downsides to it. Employees living in regions with strict crypto regulation will not be able to receive crypto salary payments. In 2018, the U.S again imposed sanctions on Iran. Meanwhile, Binance, a leading crypto exchange, has provided services to Iranian crypto-traders. However, there is proof that sanctioned individuals used Binance. Iranian clients if, as a result of transacting, dodge the US trade embargo could harm Binance. Recently, China has banned salary payments in the forms of USDT. The reason provided was that digital currencies are not given the same legal status as legal tender.

Source: Companies are utilizing blockchain cryptocurrency to source talent worldwide

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