Crypto currency law hr

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For employers interested in paying their employees in cryptocurrency, the safest bet is likely to pay them in U.S. dollars but create the option. Due to U.S. Department of Labor regulations, New York City cannot pay employees in cryptocurrency. By using a cryptocurrency exchange. Employers may violate both federal and state law by paying their employees with a non-fiat currency. The federal Fair Labor Standards Act.

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Recommended articles. Rather, Bitcoin and other cryptocurrencies are a form of digital currency used in electronic payment transactions�no coins, paper money or banks are involved; there are zero to minimal transaction fees; transactions are fast and not bound by geography; and, similar to using cash, transactions are anonymous. Cryptocurrency is becoming more used by consumers and more accepted by merchants and financial institutions as payment for services and products. This could lead to legal violations for minimum wage and overtime requirements on federal, state, and local levels. Contact NCSL.