Crypto Frontline

A startup company named ChronoBank had recently an interesting survey related to cryptocurrencies and the results have shown some interesting things about how crypto enthusiasts perceive digital assets now when prices are extremely depressed as compared to a year ago.

The survey in a nutshell

ChronoBank had conducted the survey on 445 crypto enthusiast across several countries like the United States, Australia, Russia, and others. The first and most important aspect that needs to be highlighted is that 66% of the people claimed they are willing to receive their monthly salary in cryptocurrencies. Despite that, only 30% of all the respondents believe that measure might actually be implemented in the future. Also, 83% of them were willing to receive their bonus payments in digital assets.

Reticence around taxation

Several questions related to fiscal aspects had revealed a negative bias in terms of people’s mentality towards paying taxes. We have talked about that issue in the article related to Bitcoin taxation and we have mentioned there that cryptocurrency trading should be treated like a business and you must declare your income and pay taxes.

The survey shows that only 52% of the people were willing to pay taxes on their cryptocurrency revenue. Respondents from the United States were much responsible since 65% of them were willing to pay taxes, while people from Russia were down to 30%.

It’s also encouraging to know that 60% of the younger people were willing to pay their taxes. Our recommendation for those people reading our material will always be to declare their income and pay taxes. Although there are many countries where regulation is still in development, cryptocurrency-related income can be declared so that what you should do as well if you want to do this activity in a professional way.

ChronoBank CEO, Sergei Sergeinko, had made a few comments after the release of the survey, saying that he is in favor of more cryptocurrency payments for employees. Here’s what he said:

Most revealing was that 72% of those surveyed said they would prefer an employer who has the salary payment option in the cryptocurrency when choosing their next place of employment. These results suggest that employers need to get up to speed with crypto sooner rather than later.

Judging by these numbers, the idea of cryptocurrencies integrated into our daily lives seems to be more appealing now. However, the market is still in its early phases, so the implementation process could take longer than anticipated.