The financial landscape is evolving rapidly, with the rise of digital assets challenging traditional notions of money. In a recent interview with Cointelegraph, Petr Kozyakov, CEO of the crypto payments platform Mercuryo, discussed the future of finance, emphasizing that it will likely not be dominated by a single asset class but rather a combination of cryptocurrencies and fiat currencies.
Kozyakov stated that while the adoption and demand for crypto payments are increasing, it is premature to expect a complete replacement of fiat currencies. Instead, he envisions a future where both asset classes will coexist, with individuals opting for the most convenient payment method based on the specific context.
Growing Trend of Crypto Payroll
Crypto salaries are becoming increasingly popular, with more companies opting to pay their employees in digital assets. Kozyakov noted, “This is a growing trend. I see many businesses settling salaries with full-time and gig employees across the globe in crypto.” As more people receive compensation in cryptocurrencies, new challenges arise, particularly regarding how these workers can utilize their digital earnings.
Workers earning in crypto may question their options for spending these funds. Kozyakov highlighted the need for practical applications, stating, “You won’t invest everything and just wait. You need to use it for everyday purchases.” This necessitates more accessible spending options for employees looking to utilize their crypto income in daily transactions, such as buying groceries or paying bills.
The acceptance of crypto in employee contracts is also on the rise, with jurisdictions like Dubai recognizing cryptocurrency as a legitimate payment form for salaries.
Utilizing Crypto: A Functional Tool for Finance
Beyond its role as a speculative asset, Kozyakov views cryptocurrency as an effective tool for the transfer and storage of value. He stated, “Crypto is not just an asset; it’s the perfect rail to move money and store value. It is essential to be able to spend it.” However, he acknowledged the complexities involved in spending crypto, which often includes navigating various steps before reaching a merchant.
In April, Mercuryo partnered with Ledger to introduce a crypto payment card, enabling users to easily spend their digital assets where Mastercard is accepted. Kozyakov believes that seamless crypto payment solutions will promote broader adoption, not only as a form of investment but as a viable medium for daily transactions.
As the world moves towards integrating cryptocurrencies into the financial system, the synergy between digital assets and traditional fiat currencies becomes increasingly evident. Rather than viewing one as a replacement for the other, the future of finance may very well be characterized by their coexistence in varying use cases.
