Journal article
The regulation of cryptocurrency to remunerate employees in Australia
Australian Journal of Labour Law, Vol.33(2), pp.157-182
2020
Abstract
Cryptocurrency is a method of remunerating employees (‘cryptoremuneration’). However, crypto-remuneration has not been examined within the existing regulatory framework governing labour. This article explores the regulation of crypto-remuneration in Australia, specifically how labour, taxation and superannuation laws (state regulation), as well as the parties themselves (self-regulation) may regulate cryptocurrency as a method of reward for labour. It is argued that the Fair Work Act 2009 (Cth) and associated state legislation prohibits the payment of wages in cryptocurrency, and treats crypto-remuneration as a non-monetary benefit. The impact of regulation on how the parties may structure the remuneration package in the contract of employment is examined. Regulatory, price volatility and operational risks of crypto-remuneration are identified, as well as recommendations to stakeholders that can manage these risks.
Details
- Title
- The regulation of cryptocurrency to remunerate employees in Australia
- Authors
- Craig Cameron (Author) - Griffith University
- Publication details
- Australian Journal of Labour Law, Vol.33(2), pp.157-182
- Publisher
- LexisNexis Butterworths
- Date published
- 2020
- ISSN
- 1030-7222
- Copyright note
- © 2020 Lexis Nexis Australia. This is the author-manuscript version of this paper. Reproduced in accordance with the copyright policy of the publisher. Please refer to the journal website for access to the definitive, published version.
- Organisation Unit
- School of Business and Creative Industries
- Language
- English
- Record Identifier
- 99701598302621
- Output Type
- Journal article
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