Should Texas employers be so inclined, they may pay employees in Bitcoins as long as both parties agree to the arrangement.
Bitcoin is a digital currency that is slowly gaining legitimacy. However, unlike U.S. dollars, backed by the “full faith and credit” of the United States, Bitcoins’ value rests in a series of computer transactions stored in servers around the world.
Texas law requires employees to be paid in U.S. currency, by check or by the electronic transfer of funds.
However, Texas allows employers and employees to agree in writing to wage payment in kind or in another form, including Bitcoins.
Employers choosing the Bitcoin route risk that employees would not be able to redeem the Bitcoins at some point, leaving the employer liable for unpaid wages.
Recently, the federal Consumer Finance Protection Bureau announced it would field complaints from consumers concerning virtual currency transactions.
Note: This most likely falls into the category of “just because you can doesn’t mean you should.”
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