The cryptocurrency world is abuzz with fresh insights from Petr Kozyakov, CEO of the crypto payment platform Mercuryo. Speaking with Cointelegraph, Kozyakov painted a picture of the future where digital currencies and traditional fiat money coexist, each serving distinct purposes based on convenience and practicality. The conversation shed light on the evolving dynamics of financial transactions, with crypto taking on a more significant role—but not at the expense of fiat’s enduring presence.
Crypto Salaries: The New Normal?
In recent years, the notion of receiving salaries in cryptocurrency has shifted from a novel idea to a burgeoning trend. As Kozyakov noted, an increasing number of companies are opting to remunerate their employees in digital assets. “I see a lot of businesses starting to settle with their full-time and gig employees globally in crypto,” he explained. This shift is not just a passing fad; it’s rapidly gaining traction in various industries across the globe.
However, this evolution comes with its own set of challenges. Employees, once paid in crypto, are often left wondering about the next steps. “You won’t invest everything and just wait,” Kozyakov remarked. “You need to use it for everyday purchases.” This practical need is driving innovation in crypto spending solutions, allowing earners to use their digital incomes for day-to-day expenses like buying coffee or paying utility bills. For instance, Mesh’s integration of Apple Pay allows users to spend crypto seamlessly, settling in stablecoins.
The acceptance of crypto as a legitimate form of salary is also gaining legal recognition. Notably, in August 2024, a court in Dubai acknowledged crypto as a valid form of salary payment, setting a precedent that might ripple across other jurisdictions.
Crypto Beyond Speculation: A Medium of Exchange
Kozyakov also emphasized that cryptocurrencies should not be pigeonholed as speculative assets. In his view, they serve a broader purpose as a robust mechanism for moving and storing value. “Crypto is not only an asset; it’s the perfect rail to move money and store money,” he asserted. Yet, despite these advantages, spending crypto is not without its complications—often requiring users to jump through hoops such as transferring assets to exchanges or bank accounts, and dealing with inquisitive banks.
This complexity highlights the need for more user-friendly solutions. Enter Mercuryo’s latest venture: a collaboration with Ledger to launch a crypto payment card. Announced on April 23, this card enables users to spend their crypto directly wherever Mastercard is accepted, potentially smoothing the path for everyday crypto transactions. Kozyakov believes that such seamless payment options are crucial for mainstream adoption, transforming crypto from a mere investment vehicle into a genuine medium of exchange. Similarly, Visa and Baanx’s launch of USDC stablecoin payment cards represents another step towards integrating crypto into everyday financial activities.
A Balanced Financial Ecosystem
Kozyakov’s insights underscore a balanced future, where digital and traditional forms of money coexist harmoniously. While crypto’s role in payroll and everyday transactions is expanding, fiat remains a steadfast component of the financial landscape. The Mercuryo CEO argues that each will be used when it makes the most sense, depending on the situation—be it for payroll, yield opportunities, or money transfers.
As we stand on the cusp of this dual-currency era, questions linger about how these dynamics will unfold. Will regulatory frameworks evolve in tandem with technological advancements? Can crypto truly become as seamless as swiping a card at a local café? While the answers remain uncertain, one thing is clear: the financial world is poised for a transformation that blends the old with the new, fiat with crypto, in ways that could redefine how we perceive money.
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This article is based on: Crypto spending will grow, but fiat isn’t going anywhere: Mercuryo CEO
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
