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50 US states can now finance the salary tax of employees with Bitcoin and Ethereum

Of& nbspRushali Shome

Bitwage, a company based in San Francisco, is linked to a similar company that also looks to other aspects of Texas human resources, simply Simply Efficient HR, hoping to help fifty US states find payroll taxes Employees and the W2 employee pay books using the best bitcoin and ethereum cryptocurrencies.

According to their announcement, it appears that this should help to bridge the existing gap in the Bitcoin cycle within the general economic cycle.

How you do it? The Bitwage blog explains:

"Leading provider of global cryptocurrency payment services, Bitwage has always focused on" Closing The Loop "in the Bitcoin financial cycle.The financial circuit works like one: Individual gets Bitcoin, Individual pay merchant in Bitcoin for assets and The merchant pays the employees with Bitcoin When Bitwage was first launched, the company's goal was to close this cycle, allowing workers to receive any percentage of their salary in Bitcoin with or without the signature of the own company ".

As for the use of Bitcoin and Ethereum in the financing of employee payroll, the bill will initially be generated in USD terms before the payroll is financed by the use of these virtual currencies. Companies can also use the same medium while trying to pay taxes. In addition, companies can use cryptocurrencies to pay employee benefits that include all HR compliance services or, above all, health insurance.

Explaining their logic behind this partnership, the details of the Bitwage blog post:

"Operating in the Houston, Texas area, Simply Efficient HR is one of the fastest growing administrative service organizations (ASOs) thanks to its innovative and scalable business model for human capital management solutions. partnerships, employees are now able to choose any percentage of their salary in USD or Bitcoin. "

The blog post also elaborates how to use the service. It's a simple process because they can simply create a Bitwage account before contacting the human resources and personnel management support team, in order to add another account from the Simply Efficient human resources database, to the account Bitwage just created.

The beta version of the service was launched in November 2018 and since then the company has worked with the famous Paxful cryptocurrency platform. The Paxful Hayel Abassi controller only had positive thoughts about Bitwage as he said:

"Bitwage bridges the gap between bitcoin and the traditional financial system".

Rushali Shome

Rushali Shome is a history student with a keen interest in word games, politics and beyond. When you do not type furiously in the "Notes" section of your phone, it can be found by trying to capture the servers' attention in restaurants or weddings for a second help.

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