Opinion by: Nick Denisenko is the chief technology officer and co-founder of Brighty
You can’t fight it. Crypto investments and transactions are on the up. The technology is seamless in crossing borders and making international transactions convenient. Many people report this as a reason for choosing to receive payments in crypto. Using cryptocurrency to pay bills is becoming increasingly popular as digital currencies gain wider acceptance. And, with the number of digital nomads expected to exceed 60 million by 2030, the shift toward crypto has glaring consequences for businesses attracting talent in a global market.
Crypto companies are multinational by default. Spread across the globe, they’re no stranger to paying salaries in crypto. But today, the traditional economy also leans toward crypto payments for a straightforward reason.
Crypto promises to unlock talent from across the world. There are tricky compliance issues involved in hiring employees from abroad. By using crypto, companies will unlock the opportunity to pay — and work with — those who best fit their needs.
Foreign hires could even be cheaper and a better fit than locals. With border-crossing crypto fintech, the traditional economy will follow in the footsteps of crypto businesses, and location will no longer make up a competitive edge in hiring.
The workforce becomes truly global
In the past, businesses tended to hire locally. Some contractors could be hired from abroad, but their scope was minimal. Although relocation was possible, the core staff was local. In some ways, this was easier — little cultural friction or language barriers — but it also cost businesses an arm and a leg.
Hiring and paying remote employees was expensive — or worse, outright tricky. In some locations, payments could be hit with commissions and sometimes even account suspension. Contemporary procedures are often no better — the regulations can be rigid and unforgiving. For example, employees from certain countries will struggle to open a bank account in USD.
Recent: Tether USDt tops salary payments and savings in EU in 2024 — Brighty
That’s where…
..
