Gibraltar United will start paying its football team players in virtual currency from next season. The Premium Division football team will be the first in the world to start paying in cryptocurrency. As per reports, Pablo Dana the owner of Gibraltar United has already invested in a platform, Quantocoin that has been specifically designed for providing digital currency for regular uses. Dana has now entered into a sponsorship partnership, which is one of the multiple ways in which athletes and football teams can use cryptocurrencies.
Gibraltar United FC –First team to pay through virtual currency
The financial sector of Gibraltar has already accepted blockchain technology and its government also introduced regulations for business that were using this technology. The local government is also thinking to come up with a framework for ICOs. It is not the first time that a football team or sponsorship deals related to cryptocurrency has been sealed. However, it is indeed for the first time that a football team is planning to use blockchain technology for paying its players.
Financial experts have always said that cryptocurrencies especially the most popular Bitcoin (BTC) is not suitable to pay wages because of it highly volatile nature. At the start of 2018, George Soros, the legendary investor stated,” Bitcoin is not a currency because a currency is supposed to be a stable store of value and the currency that can fluctuate 25% in a day can’t be used for instance to pay wages because wages drop by 25% in a day. It’s a speculation. “
Will payment in cryptocurrency discourage employees?
Since cryptocurrency is volatile in nature, realistically it can discourage the employees from accepting Ethereum (ETH) or Bitcoin as a mode of payment for wages. However, in the case, the employee is a crypto-enthusiast he will consider this as a golden opportunity. Rather he would apply several strategies so that his earnings are increased such as investing in promising ICO, authorizing a seasoned trader or a hedge fund for managing his wages as a fee and so on.
He can also use the cryptocurrencies for purchasing goods and services thereby contributing to the growth in the adoption of cryptocurrencies.