Getting BTC On Your Payday? It Is Now Official

At least for New Zeland who became the first country to support the companies that are paying employees in crypto. The Tax Office announced new rules that legalize salaries in cryptocurrencies. The payments should be fixed, regular and for services performed under an legal employment contract. Companies that pay the employees in cryptocurrency should be deducting taxes under New Zealand’s Pay As You Earn scheme. The employer will deduct them and sent to the tax department. The new ruling, however, excludes self-employed taxpayers.

So who will benefit from the new tax legislation should it spread further to other countries?

Naturally, the majority of bitcoin payments go to professionals who work for blockchain technology startups. Most of them are true crypto enthusiasts and operate digital currencies daily.

Numerous blockchain and crypto jobs websites such as Crypto Jobs List feature hundreds of new vacancies daily. Blockchain companies are mostly interested in specialists who fall into these five categories:

  • Developers (NodeJS, React, Redux, Golang, PHP)and Information Security
  • Marketing & Community
  • Tech support
  • Design & Copywriting
  • Sales and Business development

If you have any of the skills mentioned above you might be the next one getting a legit salary in Bitcoin.

Of course it is optional and no one would force you to accept salary payments in cryptocurrency. Every blockchain company usually offers payments in your local fiat currency as a primary option, but many employees would go for crypto regardless of volatility. Salary in cryptocurrency is versatile and enables many options. You can hold part of the crypto as long term investment, exchange to another cryptocurrency or fiat money whenever the rate profitable.

Salary payments in crypto are particularly handy for remote workers who live abroad. It allows instant cross-border payments without extra fees.

With services like Mercuryo, you will have no problem converting your BTC to USD, EUR, RUB as you cash out to the bank card (we support bank cards issued by many countries). Alternatively, you can use your Mercuryo card (coming soon) as a bitcoin salary card and pay for any of your daily purchases in crypto.

Stay updated and look forward to your next payday!

KYC/AML. Will Crypto World Stay The Same?

When it comes to the financial world, whether it’s crypto or fiat criminal activities such as theft, fraud and hacks are prevalent.

Crypto is a new and controversial investment vehicle, an entirely different way of processing payments, and, essentially, a way to get around traditional financial institutions that rule the world.

Over the past few years, the mass adoption of digital currencies grew exponentially triggering more and more concern from regulators and financial institutions. Up until 2019, crypto regulation was either non-existent or immature, and there was an apparent lack of consensus on how to protect crypto users.

It took a step forward during the G20 Summit, where representatives discussed the new course of legal action proposed by the international Financial Action Task Force (FATF). It sets out that its 30 members should impose the rules for cryptocurrency services. It requires them to monitor and report suspicious transactions and share data on cryptocurrency users with other platforms (i.e. exchange to exchange).

Fifteen countries, including G7 members, Australia, and Singapore pledged to cooperate in setting up a system for monitoring cryptocurrency transactions together with the FATF, a new report states.

FATF, the international money-laundering watchdog, would oversee the project. They aim to prevent the movement of funds for illicit purposes, such as money laundering and funding of terrorism, by collecting and sharing transaction data, as well as the personal information of cryptocurrency users.

In addition to that, FATF announced last month to have given its permission for Japan to lead the creation of an international cryptocurrency payments network similar to banking network SWIFT, also aimed to fight money laundering. Japan was the first country to introduce a legal framework for cryptocurrency exchanges in 2017. International cooperation may speed up the development of legal measures.

Some argue that such laws will do more harm than good. Compliance with FATF recommendations and the introduction of reinforced KYC/AML procedures will indeed increase compliance costs for crypto companies, and it takes time to implement.

Additionally, some of the users expressed their frustration as the recommendations came out. However, for a regular user with no bad intentions or criminal background, KYC shouldn’t be a problem. At Mercuryo, for instance, only a tiny percent of users fail pass KYC, the absolute majority of users pass it in no time.

Certain exchanges might try to evade the compliance through operating offshore or prohibiting U.S. investors from signing up, but the majority have no choice but to comply with regulatory demands or face the consequences.

As the world changes, it is your choice whether you change or stay behind.

Crypto Exchange vs Crypto Wallet

Do you remember the moment when you decided to try Bitcoin? It’s a big step into the unknown. Newcomers might get confused with a growing number of services offering a crypto exchange. Luckily now you can use the fully legit services to buy digital currencies such as crypto exchange (identical to stock exchange) or a crypto wallet. Remember these are not the same thing!

But let’s start with basics: if you’re going to operate cryptocurrencies, it is essential to understand where your Bitcoin is stored. To the common perception, Bitcoin is stored in a wallet (like cash). This is technically incorrect. We often get confused by the phrase “BTC in my wallet” which implies that coins are physically there.

As we rarely operate cash most money today exists merely as transaction history and balance info and Bitcoin is no exception. Transactional information about cryptocurrencies resides in their respective blockchains. The coins themselves are not discrete things that need storage. The information about your balance is stored within a particular block with other details like creation time, etc., which can’t be adjusted.

Bitcoin balances are maintained using public and private “keys”. These are the long sets of numbers and letters linked to each other through the mathematical encryption algorithm.

The public key, as the name suggests, is exposed to everyone and could be found through public blockchain explorer. It works similar to your bank card number; you may give it to anyone who wants to send you BTC. The private key is more like your bank card’s PIN code; it allows you to authorize transactions and should be kept safely. Thus, It is the “private key” itself that is stored in your Bitcoin wallet. You may choose a secure cold (offline) wallet like Ledger Nano, Trezor or even paper wallets. These are all personal wallets in which you own, hold, possess your keys. They are great for storage purposes.

But if you would like to trade or send/receive BTC frequently, you have no choice other than going online. So the question is, do you sign up and trade at the crypto exchange (centralized or decentralized) or choose a cryptowallet app?

Mercuryo wallet can be equally useful for newbies and experienced crypto users for a variety of reasons. We are developing a service meant to combine the mobility and flexibility of an app with a proper security level.

So what is the difference between Mercuryo wallet and crypto exchange?

Our comparative table will guide you through the key aspects of crypto exchange.

Getting started
Fees, rates
UX and support

All kinds of crypto users can benefit from the simplicity of Mercuryo service and lower fees. Of course, crypto professionals and those who enjoy the trading process itself will go to crypto exchange to get some adrenaline. But for everyday use Mercuryo wallet is perfect for fulfilling your crypto needs.

Also, Mercuryo is going to launch BTC card soon to bring crypto to your daily life and allow you to pay with BTC.

Stay tuned.

Shaping The Future of Money

Bitcoin and other digital currencies have faced a lot of scrutiny over the past few years. As of now, its legal status is considered differently in each country. Inevitably the overall tendency is drifting towards the acknowledgement of crypto and the development of appropriate regulation. Financial authorities can’t ignore something that big and rapidly growing; the crypto market cap is approaching $300 billion.

So far, crypto has become a powerful investment instrument, and we have learned to treat it this way. Now crypto is battling to become an integral part of the future — Money 2.0.

Sceptics would argue that digital currencies would never be legally accepted as an alternative means of payment, let alone replacing traditional fiat money. However, there are many people out there who think otherwise, including Mercuro founders and the entire team.

We are creating a whole new experience for our users introducing a different meaning of crypto, guiding you to a new world where cryptocurrency is not just a speculative instrument but money, in essence, perfect money that is invisible but keeps working in the background.

When you come to the store with children, they have no idea of money, and how it works, all they know is their desire.

In the nearest future, there should be no money as an object, only your wish and the interface between you and your wish. Digital currency is perfect for fulfilling that purpose.

Banks picked this up as well and invested multi-million dollar budgets in digital transformation to become more than just a financial institution but a service that makes your dreams come true. It allows you to buy tickets, pay for the hotels, communicate with the government authorities most comfortably, pay your utility bills online.

But due to a lot of bureaucracy, complex system architecture and overloaded operational processes, the digitalization does not run very quickly within the banking industry. New features sit in the backlog for months and years waiting for the resources, budget, prioritization and approval from top executives. Therefore competing with cryptocurrency is quite a challenging task even for the most advanced financial institutions.

That’s why many professionals from banking and payment industry switched to crypto to be able to influence the way we and further generations deal with money and develop powerful tools like Mercuryo — an interface between you and your desires that simplifies your daily financial routine without compromising on information security.

Soon enough, you will be able to pay with crypto in your daily life. 
All you’re going to need is your Mercuryo wallet, and magic will do the rest.
Swish — swish!