January 17, 2022

Cryptocurrency faces remittance ‘roadblocks’ amid growing use for salaries

From Bitcoin to Etheruem, interest in cryptocurrencies has soared in recent years and pushed prices to eyewatering highs – along with sharp downward swings. While mainstream adoption among consumers and institutions is growing, the status of cryptocurrencies remains uncertain. Is it a medium of exchange to replace or sit alongside fiat currencies? A store of value to rival gold? Or something else entirely?

Two reports published this week have highlighted both the growing adoption of cryptocurrencies and the challenges that digital currencies still face. Research by Paysafe, a London-based payment provider, found that 55% of cryptocurrency owners would rather get paid their salary in crypto.

That figure rises to 60% for 18-24-year-olds, suggesting more employers could begin providing the option as younger generations continue to enter the workforce.

A handful of companies operating in the cryptocurrency space, such as Blockchain.com, Bitshares, Fairlay, Purse.io, SC5 and Bitwage…

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