Estimated reading: 2 mins

BitPrime Features in BBC World Service Marketplace Morning Report

Aired 6th September 2019

 

 

Transcript

Victoria Craig 0:00

Live from London. This is the Marketplace Morning Report from the BBC World Service. I'm Victoria Craig, good morning. Let's do the numbers.

China's central bank has cut the amount of money banks have to keep in reserve by half a percentage point. The move is aimed at stimulating the economy and offsetting the impacts of US tariffs. Hong Kong's Hang Seng rose half a per cent despite a debt downgrade from Fitch Ratings agency, which sited business uncertainty after months of protests.

Well, it's Friday, and that might mean payday for you. How do you prefer to take your paycheck? In US dollars or cryptocurrency? An increasing number of countries are allowing employees to be paid in cryptocurrencies. New Zealand this week joined the US, UK, and Australian governments, in issuing tax guidelines for companies paying in that way. The BBC's Ben Brown reports.

Ben Brown 0:44

Workers in New Zealand can now opt to receive either part or all of their pay in cryptocurrency. For Isla Stewart in Christchurch, it was a no brainer, making it much cheaper to send and receive money from friends overseas.

Isla Stewart 0:58

"Having this cryptocurrency is way more flexible than having New Zeland dollars in my bank account since I can send it anywhere - anywhere in the world, I will pay much, much, much lower fees..."

Ben Brown 1:11

And, a growing number of people are following suit. To do it legally staff must be paid in regular fixed amounts and it must be easily convertible into a government-issued currency, like the New Zealand dollar. Ross Carter-Brown is the head of BitPrime, a company which sells cryptocurrency. He says there's been rising demand, particularly in cryptocurrencies, which are linked to traditional payment forms, like the US dollar.

Ross Carter-Brown 1:37

"Well, we see the greatest interest in...stable coins, such as the US dollar Tether, for example, because it doesn't have the same volatility that many cryptocurrencies do. So that's the most stable way for people to receive payments in cryptocurrency."

Ben Brown 1:54

But volatility isn't the only worry. This year, hundreds of millions of dollars have been stolen in cryptocurrency hacks. So before you opt to get your monthly paycheck this way, make sure you can keep your cryptocurrency safe. I'm the BBC's Ben Brown, for Marketplace.

Victoria Craig 2:11

Finally, it's been 25 years since Rachel, Ross, Monica, Chandler, Joey and Phoebe landed on our couches. Could we be any more excited? Probably not. "Friends" is still one of the most successful TV shows ever made, and Warner media has reportedly paid $425 million to take the show off Netflix and onto streaming service HBO max set to launch in the spring. Share with me your favourite "Friends" moments - I have many of my own.

In London, I'm Victoria Craig with the Marketplace Morning Report from the BBC World Service.

Victoria Craig 2:42

This is APM, American Public Media

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