BITCOIN NEWS AND INFORMATION
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NEW ZEALAND WORKERS TO BE PAID IN BITCOIN. by E. Okorie, 15th of August , 2019
New Zealand has officially became the first country to legally allow companies to pay salary in bitcoin as an alternative mode of payment from September 1st, 2019. This move allows bitcoin to be exchanged by New Zealand dollars on workers payment as long as the cryptocurrency is directly converted using the appropriate exchange rate. In accordance to the pay as you earn scheme in the country, companies can also deduct income tax in cryptocurrency. The law will be implemented on September 1st 2019. It gives room for the payments of bonuses and other salary package to be paid in bitcoin. However, self employed businesses are exclusively exempted from the law (as disclosed by our sources for reasons best know to the government).
This clearly indicate that bitcoin is OK to use (especially in New Zealand). and relatively emphasize the need of cryptocurrency acceptance as people now wish to receive payment with this legal tender. With more awareness of cryptocurrency as an investment platform and it's readily accessibility, bitcoin have proved to be gaining more popularity in all sphere of life.
Although the price of bitcoin is currently bearish and currently trail below the $10,000 in value, there is a huge scepticism that the bearish trend would stay long because of this move by New Zealand. In this view, investors currently place a support below the $9070 benchmark. There is presently no bearish chart pattern nevertheless a downward break of this level may trigger a completion of a bearish pattern to go long up to the $7400 level.