According to Deel, residents of countries with an unstable economic situation are likely to receive a salary in cryptocurrencies. These include countries in Latin America, Europe, the Middle East and Africa.
Deel, a labor market research company, said that digital assets now account for 5% of all global payments withdrawn from the platform on a monthly basis. In the second half of 2021, this figure was only 2%.
The report notes that residents of countries with unstable economic conditions and currencies are more likely to make payments in cryptocurrencies. Among them are the countries of Latin America, Europe, the Middle East and Africa.
Cryptocurrency withdrawals in Latin America and Europe accounted for 67% of the total, and in the countries of the Middle East and Africa – 24%. Residents of the North American region accounted for only 7% of the total number of crypto payments, and in the Asia-Pacific region this figure was even lower – 2%.
Deel Expansion Head Shannon Karaka said people typically withdraw only a fraction of their crypto paychecks. This may mean that they still see it as a long-term investment vehicle.
“From what we have seen in practice, receiving payment in cryptocurrencies is most attractive to three groups of people: those who use this tool to hedge the instability of the local currency; those who work in jurisdictions with outdated local banking systems that can slow down the payment of wages; and those who add cryptocurrency to their investment portfolio,” she said.
Previously, the CEO of cryptocurrency wallet provider Exodus talked about how company employees pay taxes and why bitcoin salaries are useful.
Source: Bits
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