Using Bitcoin for any financial reason ranging from payments to payroll and everything in between is the primary goal right now. Displaying more use cases for this alternative form of finance is an excellent way to inform people about why Bitcoin matters, and how it can change their everyday lives. BitPay partnered with PEY to introduce a Bitcoin payroll system to German consumers and businesses.
Also read: Code Valley introduces platform to allow developers to easily earn bitcoin
It is not the first time BitPay and PEY come together to bring digital currency-based services to Germany, as both companies collaborated last year to bring Bitcoin payments to German merchants. Due to the success of this offering, PEY decided it was time to reach out to BitPay once again and experiment with using digital currency for payroll purposes.
Rolling out a Bitcoin payroll is not going to happen overnight, although PEY has announced they will start with t3n, a major German technology publication. Employees working at t3n can opt to have their wages paid out in Bitcoin, and obtain a tax-free benefit of up to 44 EUR when doing so. It should not tot take too long until the results of this experiment become visible, as there is an overlap between the tech crowd and Bitcoin enthusiasts.
Assuming this new collaboration between PEY and BitPay becomes a success, the plan is to expand this the Bitcoin payroll service to other countries around the world. Especially freelancers can reap the benefits of this approach, as digital currency is not subject to additional taxation in the EU, allowing them to retain more of their wage in the long run.
Moreover, there is another benefit to working with a Bitcoin payroll as an employee, as digital currency earnings can be spent on various platforms and retailers, all of which use the PEY payment infrastructure. All in all, it looks like the Bitcoin ecosystem is slowly coming together in Germany.
It is well worth nothing PEY is one of the largest companies in Europe to start working with the Bitcoin payroll API launched by BitPay two years ago. Other companies using this service include Zuman in the United States, and OPSkins, a Canadian gaming market place. Both of these platforms are seeing a great rate of success since introducing the Bitcoin payroll option.
Source: BitPay Blog
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