• According to a representative survey, 62 percent of Canadians can imagine being rewarded in cryptocurrencies in the near future
• The desire to make a profit is the main reason Canadians use cryptocurrencies, despite the risk involved
• In Germany, salary payments in cryptocurrencies are not foreseeable for the time being due to the current legal situation
According to media reports, the Bank of Canada considered launching a state digital currency earlier last year, but these plans have not materialized so far. The Canadian dollar is currently the only official currency in Canada. A survey from October 2021 found that 62 percent of Canadians are still interested in salary payments in crypto form within the next five years. The survey was conducted by Capterra, a Canadian provider of software reviews, with around 1,000 participants.
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Young Canadians are significantly more open to cryptocurrencies than Canadians from older age groups
The survey found that 25 percent of Canadians are currently using cryptocurrencies, and another 37 percent plan to do so “in the near future.” A total of 62 percent of those surveyed stated that they were interested in being paid in Bitcoin & Co. at work within the next five years.
In addition, the interest in cryptocurrencies differs greatly between the different age groups: While a full 60 percent of those surveyed aged 56 to 65 stated that they had never used Bitcoin & Co. and were not interested in it, this is the case Value in the age group of 18 to 22 year olds is just 23 percent. So, in a few years, even more active workers will likely become interested in crypto payrolls.
It is not yet possible to pay with cryptocurrencies on a large scale in Canada
According to the Capterra survey, the most used cryptocurrencies by Canadians are:
Bitcoin (81 percent)
Ethereum (48 percent)
Dogecoin (28 percent)
Litecoin (18 percent)
Cardano (18 percent)
Before wages in Canada are paid out in cryptocurrencies instead of dollars on a large scale, payment methods for these currencies would have to be introduced accordingly. A study by Payments Canada and CorbinPartner Inc. from 2020 found that only 400 to 500 companies in Canada currently accept Bitcoin as a payment method.
German trade regulations exclude wage payments in cryptocurrencies in the Federal Republic
As arguments for using cryptocurrencies, despite the negative aspects that also exist, respondents indicated that they wanted to make a profit and be part of an innovative and alternative system (58 percent and 48 percent, respectively), prefer the decentralized system (44 percent), privacy appreciate (29 percent) and want to get away from the regular banking system (26 percent).
These reasons could also be cited here in Germany in discussions about cryptocurrencies as a means of payment for wages. However, while in Canada it is permitted under Section 5, Paragraph 1 of the Income Tax Act to pay wages in whole or in part in the form of Bitcoin & Co., this is prohibited in Germany under Section 107 of the Industrial Code. This states that wages in Germany must be paid in euros.
Olga Rogler / Editor finanzen.net
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