Japan Labor Ministry Confused as Crypto Salaries Demand Increased

Increasing Conversion to “Cashless” Trends Also Seems to Bring Controversy
The NSSZ (National Strategic Special Zone), which is designated by the national government based on the perspectives of boosting the international competitiveness of industry and promoting the creation of centers of international economic activities by giving priority to advancing structural reform of the economic system, together with Tokyo-based venture companies, reportedly requested a change in regulations. On February 14, the government announced a plan to hold a national strategic advisory council to discuss making salary payments onto smartphones equipped with a prepaid card function, in specific zones. The government was aiming to improve convenience by remitting salaries onto a smartphone that can be used as a wallet. The whole idea was also intended to make it easier for foreign workers who have difficulty opening a bank account in Japan.Governor Koike’s Attention Was Caught as Japan Is Seeing an Increasing Number of Foreign Workers
Such discussion started in March this year, as the Tokyo Metropolitan government proposed the idea during the Advisory Council of the NSSZ. Yuriko Koike, the governor of Tokyo encountered the unfamiliar word of “payroll card.” In the U.S., such prepaid payroll card is expected to spread to over 12 million people by 2019. The payroll card is a card that can receive wages from a company without going through a bank account. Payroll prepaid cards are often used in the U.S. by companies with a large number of independent contractors. The introduction of such a card has also begun in African countries where many people do not have bank accounts in the first place. Employers are increasingly moving away from depositing paychecks into employees’ bank accounts, offering instead to add them to payroll cards.
This Deregulation Debate Is Likely to Bring up Controversy Within the Government
Because the system would remove the need to transfer money into a bank account, it is expected that such project would accelerate the concept of “cashless-ness”, however the Ministry of Labor which would formulate such jurisdiction is extremely cautious.The Labor Standards Law, enacted in 1947, regulates payroll transfers under Article 24 (1). As a general rule, it specifies that “the company puts cash in a salary ‘bag’ on payday and hands it to the employee.” Nowadays, bank transfers are the most common for wage payments, however digital money is not really considered yet.
Images courtesy of Shutterstock and Nikkei.
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Cashless Economy Debit Card deregulation foreign workforce Japan Labor and Welfare Labor Standard Law Ministry of Health N-Economy NSSZ Payroll payroll card salary Tokyo Metropolitan Government wage Yuriko Koike