GSM Solutions, an electronics repair company based in Durban, has began remitting payments to some members of its staff in Bitcoins.
The company that runs the first ever Bitcoin ATM has added five of its staff members into the Bitcoin payroll and plans to integrate its salary payment systems with the virtual currency’s APIs for a full implementation in the near future.
If workers begin to receive their salaries in Bitcoins, more firms in the region may follow suit and incorporate the digital currency in the payroll systems, spurring growth.
Managing Director of GSM Solutions Alan Donohoe told Coindesk via email that only head office employees had been signed up to receive part of their wages in Bitcoin.
“We believed it best to start with our head office where we have five employees who work with Bitcoin on a daily basis, so they understood the importance of this step in the evolution of Bitcoin in Ireland,” said Donohoe.
The director added that the Bitcoin payments would not fluctuate periodically with the price of the virtual currency as employees’ salaries are set in euros.
Bitcoin has suffered wide price fluctuations since it was first introduced into the market, with its highest price being $1,200 in early December before it tumbled back to under $500.
He added that GSM Solutions endeavored to stay on the cutting edge as a technology company, and since it had significantly invested in Bitcoin, paying its employees using virtual money was sensible, as The Irish Times reports.
In March, Bitvendo launched the first ever Bitcoin ATM in Ireland. GSM hosts the cash dispenser at Upper Abbey Street, Dublin.
While several firms are accepting customer payments in virtual currencies such as Bitcoin, only a relatively small number of persons will happily collect salaries exclusively the same way.
GSM hopes to add the rest of its staff into the Bitcoin payroll by the end of the year.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org