A company paid employees for the work he did in cryptocurrency. However, after the price of cryptocurrency soared by 700%, employers wanted to return the coins and instead paid employees in U.S. dollars.
Employers want to regain cryptocurrency after cryptocurrency rises by 700%
Marketwatch sent a letter to someone on Monday to “Mountainist” columnist Quentin Fottrell. Moneyist is a service that provides answers to various dilemmas, and Fottrell is the personal finance editor of the publication and a columnist for The Moneyist.
The signature of this letter is “Crypto Confused”, and he explained that he did some business development work for a technology startup “on a contract basis.” He pointed out that the company is still working hard to create its first sales revenue.
“The purpose of the contract is to generate sales, including the commission part, but my understanding is that I will bill by the hour, to cold call and email people, generate suggestions, hold meetings, participate in and lead sales, etc., create Revenue goals.” The letter explained, adding:
In August 2020, I received payment for contract work in cryptocurrency. Since then, the price of cryptocurrencies has skyrocketed. As of now, the cryptocurrency for which I have received payment has risen 700%.
As the price of cryptocurrencies paid by startups to employees skyrocketed, the company’s CEO wrote a letter to employees. He explained: “Since you have not generated any income for the company and are currently not doing any follow-up work, please send back all the cryptocurrencies received in August 2020. You can invoice the company for working hours in U.S. dollars,” The letter said.
Crypto Confused is not sure what to do and is seeking advice on whether he should return some cryptocurrency during working hours. He has not specified which cryptocurrency he receives.
Fottrell responded to this letter, insisting that he should not return any cryptocurrency. “No. Las, no. No thanks. Absolutely not. Ask me again in 2121,” he wrote, emphasizing:
Your employer should abide by the terms of their contract… Even if the contract stipulates that you can be paid in U.S. dollars or cryptocurrency, asking for a salary is another matter.
Fottrell added: “Any effort to make employees do not perform X or Y contracts with great fanfare means that they should be paid in one way or another. This approach is a keen approach at best, at worst. Next, he can also file a lawsuit.”
Do you think employees should return some of the cryptocurrency they received to their employers? Let us know in the comments section below.
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