A Japanese company has promised to pay their workers in bitcoin.
GMO Internet Group, a multi-national Internet service provider for both the consumer and enterprise markets, said it is introducing a system for employees to receive part of their salary in the virtual currency from February next year.
Initially, it will only be available to employees of one GMO company — GMO Internet Co. Ltd., AFP reported Friday quoting a company spokeswoman Harumi.
The new payment system will be gradually extended to more than 4,000 employees in other GMO companies based in Japan.
Tokyo-headquartered GMO Internet Group, which operates a range of web-related businesses including finance, online advertising and internet infrastructure, comprises more than 60 companies in 10 countries.
Employees will have a lower limit of 10,000 yen (around $88) and an upper limit of 100,000 yen ($882) to draw their monthly salaries in bitcoin.
Each salary payment in yen will be reduced by the amount of bitcoin paid, using the exchange rate at the GMO Coin exchange, a cryptocurrency exchange the company launched ion May.
GMO in October announced plans for an initial coin offering (ICO).
The new system will use a token, dubbed "GMO coin," to allow staff to purchase bitcoin as part of the scheme.
"The GMO Internet Group will contribute to the development of virtual currencies in the world by promoting efforts related to virtual currency throughout the group," the company said in a statement.
The cryptocurrency is rising in popularity in Japan with an increasing number of retailers accepting it as a form of payment.
Meanwhile, Andrew John Bailey, the chief of Finance Conduct Authority and former executive director of the Bank of England told BBC Newsnight, "If you want to invest in Bitcoin, be prepared to lose all your money. That would be my serious warning."
He also cautioned that cryptocurrencies are not regulated market instruments and do not have consumer protection.
Also read: RBA Chief On Cryptocurrencies
by RTT Staff Writer
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