Cryptocurrencies are an alternative source of commercial exchange other than traditional currency.
With the penetration of technology and digitization, work and payments will be impacted.
The trend of the use of cryptocurrencies begins to gain strength in different parts of the world; However, to understand how it works, you must first locate the keys to digital assets: they are volatile and their use in Mexico already entails a fiscal responsibility.
The trend of using cryptocurrencies to pay workers’ salaries or crypto salaries, partially or totally, is becoming more and more common in the world and is preferred by those who do not trust traditional currencies or think that they have lost value. . Going forward, consumers will start receiving more and adopting digital assets. This, despite its volatility, for example, Bitcoin in the last year lost 29 percent of its value and Ethereum has risen 41 percent since last April. Faced with the panorama, it is necessary to understand the keys to crypto salaries.
Paying employees with digital assets will be an innovation that companies will take in the face of the increase in technology in everyday life, such as biometric technologies, QR codes: their use will generate new interests and needs in the population.
Mexico would position itself as the third country in the Latin American region to adopt the use of crypto salaries and is positioned in the ranking with the highest volume of bitcoin cryptocurrencies with 8 percent of its adoption, data from Statista indicate.
Globally, Mexico took 14th place out of 27 countries with possession of cryptocurrencies and although it exceeds Venezuela and Colombia, the average is lower than the world average of 15.5 percent, pointed out the Finder Cryptocurrency Adoption Index.
In this context of digitization and demand for options, cryptocurrencies are gaining ground among the younger generations, Generation Z and Millennials, as they seek to buy, sell and exchange products or make an investment; however, they are no longer occupied only in digital products, but increasingly seek to be able to spend assets for daily purchases, indicates the Mastercard New Payments Index Report.
Thus, in 2020, 71 percent of people in the Latin American region thought about reducing their use of cash due to new technologies that encourage companies to increase diversity for consumers.
Keys to understanding crypto salaries
There are two key points to understand crypto salaries: the volatility of the digital currency and the fiscal ecosystem in which they are found in Mexico.
Cryptocurrencies are still very volatile assets. According to Joel Vainstein, CGO of Orionx, if a person receives his salary in cryptocurrencies, it is best to sell them immediately before the value collapses or change it to a traditional currency. Therefore, experts recommend favoring stable currencies or stablecoins.
On the fiscal side, Mexico has positioned itself as one of the nations with permissive laws and regulations for digital assets. On March 9, 2018, a Decree was issued in the Official Gazette of the Federation (DOF) issuing the Law to Regulate Financial Technology Institutions.
With it, cryptocurrencies are recognized and it is established that they do not meet the requirements to be considered legal tender, but the taxpayer who obtains profits from cryptocurrencies must declare before the Tax Administration Service (SAT) and pay the taxes. corresponding, even if the money is kept within the digital platform for exchanging virtual currencies and you have not transferred the resources to your bank account.