Can Sequoia employees receive a part of their salary in cryptocurrencies?

(Reuters) - Software development services provider Sequoia Holdings LLC said on Thursday its employees can now receive a part of their salary in cryptocurrencies, should they choose to. Under the new program, employees can elect to defer a portion of their salary into bitcoin, bitcoin cash, or the Ethereum platform’s ether, Sequoia Holdings said.

Can employees defer their salary into bitcoin?

Under the new program, employees can elect to defer a portion of their salary into bitcoin, bitcoin cash, or the Ethereum platform’s ether, Sequoia Holdings said.

Is a holding of cryptocurrency cash?

Consequently, the Committee concluded that a holding of cryptocurrency is not cash because cryptocurrencies do not currently have the characteristics of cash. Inventory IAS 2 applies to inventories of intangible assets.

What is cryptocurrency?

a digital or virtual currency recorded on a distributed ledger that uses cryptography for security. b. not issued by a jurisdictional authority or other party. c. does not give rise to a contract between the holder and another party. Nature of a cryptocurrency