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Dubai Court Recognizes Cryptocurrency for Salary Payments

Dubai Court Recognizes Cryptocurrency for Salary PaymentsIn a landmark decision, the Dubai Court of First Instance has recognized the payment of salaries in cryptocurrency under employment contracts, marking a significant shift in the United Arab Emirates (UAE)’s legal approach to digital currencies. The 2024 ruling, case number 1739 of 2024, contrasts with a 2023 decision where a similar claim was rejected […]

ETH/BTC hits lowest point in over 3 years, sliding to 0.03508

Ethereum (ETH) price fails to rally in the face of good news — Here is why

Ether’s failure to respond to good news could be rooted in investors’ perception that macroeconomic conditions are worsening.

Ether (ETH) has been under pressure since June 7, when it lost the $3,800 support level. Despite a series of positive developments, its price remained below $3,600 on June 19, showing no weekly change.

Some analysts believe that the primary reason for the bearish momentum is a lack of institutional demand for cryptocurrencies. Others attribute it to regulatory uncertainty within the Ethereum ecosystem.

Noelle Acheson, author of the ‘Crypto is Macro Now’ newsletter, expressed surprise at Ether’s lack of positive momentum following Consensys's victory over the regulator. She also questions whether other regulatory issues related to staking could be deterring investor interest.

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ETH/BTC hits lowest point in over 3 years, sliding to 0.03508

China Pushes Digital Yuan for Wage Payments in Changshu

China Pushes Digital Yuan for Wage Payments in ChangshuChangshu, a city in China with more than 1.5 million inhabitants, will pay public workers’ wages with the Chinese central bank digital currency (CBDC), the digital yuan. The move marks an acceleration of the adoption plans that Beijing has for the digital currency, which has been included in some limited programs before. Public Employees in […]

ETH/BTC hits lowest point in over 3 years, sliding to 0.03508

Moody’s States Inflation Is Affecting Economic Recovery in Part of Latam

Moody’s States Inflation Is Affecting Economic Recovery in Part of LatamMoody’s, the asset quality rating agency, has warned the high rate of inflation that some countries are facing in Latam will affect the economic recovery in the region. Brazil, Chile, and Mexico are said to be the countries more affected by this phenomenon, and their recovery will depend on other factors to attenuate the effects […]

ETH/BTC hits lowest point in over 3 years, sliding to 0.03508

Workers in volatile economies most likely to take pay in crypto: Report

There has been an increase in employee crypto payments for the first half of this year despite the market crash, according to Deel.

Residents in nations with volatile economies are more likely to receive their pay in crypto, according to global hiring platform Deel. 

In its “State of Global Hiring Report” shared with Cointelegraph on July 21, the firm found that despite the 2022 bear market, crypto represented 5% of all global payments withdrawn from the platform every month, up from 2% in the second half of 2021. 

Residents in nations with volatile economic situations and currencies were most likely to take their payments in crypto, according to the report. These included countries in Latin America (LATAM) and Europe, the Middle East, and Africa (EMEA).

Crypto withdrawals in the LATAM region represented 67% of the total, with EMEA countries at 24%. Those from the North American region represented just 7% of the total for crypto payments. The Asia Pacific region was even lower with just a 2% share of the whole.

In terms of asset type, Bitcoin (BTC) remained the crypto of choice, making up 47% of the total. The second choice of digital asset for payments was Circle’s USDC with 29%, followed by Ethereum (ETH) at 14%. Tether’s USDT did not make the list.

Shannon Karaka, Head of Expansion ANZ for Deel, told Cointelegraph that in general, "we find that people typically only withdraw part of their pay in crypto, which could mean they are still using it as a long-term investment vehicle as well," before adding:

“From what we’ve seen in the field, getting paid in crypto is most attractive to three main groups of people; those who use the tool to hedge against local currency instability, those working in jurisdictions with dated local banking systems that can slow down payroll, and those who are adding some crypto coin to their investment portfolio. The majority of our crypto withdrawals are coming out of LATAM and EMEA, which is likely driven by the first two use cases.”

Deel sourced the data from over 100,000 cross-border worker contracts on the platform between January and July 2022. The firm helps businesses compliantly hire, onboard, and pay people in different countries. It noted that LATAM tops the list of regions hiring internationally.

Related: Crypto education can bring financial empowerment to Latin Americans

Surging inflation is a concern for many countries in the Latin American region. Venezuela, Argentina, Chile, Brazil, and Paraguay all have double-digit inflation, according to Trading Economics.

Diminishing purchasing power using their own fiat currencies is likely to have influenced the increase in crypto payments to regional workers.

ETH/BTC hits lowest point in over 3 years, sliding to 0.03508

Bank of England Hikes Bank Rate to 0.5%, Governor Andrew Bailey Hints at Wage Restraints

Bank of England Hikes Bank Rate to 0.5%, Governor Andrew Bailey Hints at Wage RestraintsThe Bank of England (BOE) raised the country’s benchmark bank rate from 0.25% to 0.5% this week in order to curb rampant inflation. “We face a trade-off between strong inflation and weakening growth,” the British central bank’s governor Andrew Bailey told the press. Furthermore, when asked by a BBC reporter if BOE members were urging […]

ETH/BTC hits lowest point in over 3 years, sliding to 0.03508

Demand for Crypto Experts in India Hikes Remuneration, Vacancies Spike

Demand for Crypto Experts in India Hikes Remuneration, Vacancies SpikeA deficit in crypto talent is pushing salaries up in Indian companies engaged with the domestic and global blockchain industry, local media reported quoting data from recent studies. Demand for professionals in the field has been growing rapidly in the past year. Crypto Experience Can Bring up to $100,000 in Annual Salary Indian IT companies […]

ETH/BTC hits lowest point in over 3 years, sliding to 0.03508

Every Fourth Australian Willing to Be Paid in Bitcoin, Poll Finds

Every Fourth Australian Willing to Be Paid in Bitcoin, Poll FindsA new survey has established that one in four Australians would like to receive at least part of their salary in cryptocurrency. While the motives vary between the members of this diverse group, the results indicate that the Australian nation’s overall interest in decentralized digital money remains strong. 4.7 Million Australians Would Accept Bitcoin Remuneration […]

ETH/BTC hits lowest point in over 3 years, sliding to 0.03508