Bitwage Disables USDC Payouts For US Residents Due To 'Strict Regulatory Climate'
Bitwage is a leading provider of Bitcoin payroll solutions that enables people to receive their paycheck in BTC.
- "Due to a more strict regulatory climate, we are disabling USDC as output for all US residents," the company said in an email sent to customers on July 5.
- "If you are a US resident with a USDC allocation, please remove it completely."
- "Otherwise, on July 13th 2023, all of your wallets and bank accounts will be reset. If it is reset, you will have to set up your wallets and bank accounts again before we can deposit your next paycheck."
- "US residents can continue to receive all other cryptocurrencies, such as Bitcoin and for stablecoin alternatives, there are CUSD (Celo), USDT, and DAI," the letter said.
- The new measure will not impact non-US residents.
Interesting development that @Bitwage is disabling USDC to US residents.
— Matt Ahlborg (@MattAhlborg) July 5, 2023
Utility usage of BTC has waned in recent years as stablecoins gained ground, but increasing restrictions on stablecoins will likely swing the pendulum back towards BTC. pic.twitter.com/A2oGTIYoDV
