90% of Binance Cryptocurrency Exchange Employees Receive their Salary in Binance Coin (BNB)
Changpeng Zhao, Chief Executive Officer of Binance, the world’s largest cryptocurrency exchange, said that 90% of binary employees receive their salaries in BNB. Zhao Changpeng said that he told Michael Arlington, the founder of the hedge fund TechCrunch, at the recently acquired Liechtenstein Cryptoassets Exchange (LCX).
· Binance continues to strive to increase the value of BNB tokens used to pay salaries.
BNB, also known as Binance Coin, is an original token issued by Binance. BNB was issued in 2017 to store enough funds to contribute to the operation and development of the exchange. In return, the company repurchased BNB equivalent to 20% of the profits earned in the business on a regular basis (four times a year), thereby realizing stabilization and an appreciation of the price of BNB.
Mr. Arlington tweeted, “I was interested when I heard that 90% of employees received their salaries with BNB tokens. They are precisely smart people.” Of course, smart people refer to both “people who are sophisticated and clear-headed” and “intelligent people who know how to work computers.”
In addition to compensating employees who choose to receive their salaries in BNB, Binance is working to enhance the sustainability of the global cryptocurrency ecosystem. The Binance Team is at the forefront of developing a decentralized exchange and a blockchain project acceleration method.
· In Japan, the GMO Group adopted a policy that pays part of the salary in Bitcoin
It was the GMO Internet Group in Japan that pioneered the salary payment method used by Binance. Starting in February 2018, employees of GMO Internet, a subsidiary within the group, can choose to receive part of their net salary in Bitcoin. This is a policy that deducts a portion of the salary for the purposes of purchasing Bitcoin and is aimed to promote the spread and development of cryptocurrencies.
The GMO Group ultimately plans to expand this policy to all 4000+ domestic partners (employees) in its group. In December 2017, the GMO Internet Group stated that “we will continue our efforts within the group to contribute to the development of cryptocurrencies around the world.”
· An opportunity to reconsider labor laws stipulating that salaries must be paid in cash!?
Cryptocurrencies are operated by decentralized user groups, node operators, miners, and developers. No centralized administrator controls the cryptocurrency’s price, usefulness, and adoption of digital assets. Enterprises in the cryptocurrency sector must be pioneers in attempting to demonstrate the possibility of a decentralized system for cryptocurrencies such as Bitcoin and Ethereum to be widely accepted. One method of doing this is paying salaries using cryptocurrencies.
In Japan, the labor law stipulates that salaries must be paid in cash. The Ministry of Health, Labor, and Welfare, which has jurisdiction over this law, considered the government’s discussion of the future possibility of paying salaries via smartphones with prepaid functions. The purpose is to protect the transfer of the salary, should the electronic money company go bankrupt.
Governor Yuriko Koike mentioned in the advisory council of the National Strategic Special Zone (NSSZ) in March of the possibility of a “Payroll Card,” which is a type of debit or prepaid card that has been issued to 80,000 employees in directly-managed McDonald’s stores in the United States. As the number of foreign workers is increasing, this possibility of this type of salary payment is going to become increasingly realistic.