The Brazilian bill proposes allowing wages to be partially paid in bitcoin, pending mutual approval from workers and employers. It mandates that at least 50% of wages remain in local currency, while aiming to educate employees about volatility and security. The proposal is aimed at integrating Brazil into the digital finance realm, but remains subject to legislative approval.
A recent bill introduced in Brazil’s Congress seeks to authorize the payment of wages and labor-related payments in bitcoin and other virtual assets. Sponsored by Luiz Philippe de Orleans e Bragança, the legislation, titled “Regulation of the Payment of Salaries, Remunerations, and Labor Benefits with the Use of Virtual Assets,” aims to allow workers to receive a portion of their salaries in cryptocurrency while addressing relevant security and volatility education.
Should the bill be approved by the Chamber of Deputies and proceed to the Senate, it would permit employees to receive up to 50% of their earnings in bitcoin, contingent upon mutual agreement between the employee and employer. However, the legislation mandates that at least half of the compensation must be paid in the local currency, with asset valuations certified by a central bank-approved entity.
The bill also necessitates that businesses provide comprehensive payment statements and ensure that workers are informed about the fluctuations in the cryptocurrency market and the security of such transactions. De Orleans e Bragança has expressed that these regulatory changes could significantly enhance Brazil’s standing in the global digital finance arena, similar to frameworks in Portugal, Japan, and Switzerland.
Furthermore, the proposed legislation is seen as a potential catalyst for attracting financial investments in Brazil, fostering innovation, and enhancing workers’ flexibility regarding their salary disbursement. The proposal, along with the integration of popular stablecoins in the country, may serve as a protective measure against economic fluctuations such as inflation. Nevertheless, given that the bill is in its preliminary stages, it remains uncertain how legislators will ultimately respond to this initiative.
In conclusion, the newly introduced bill in Brazil attempts to regulate the payment of wages in bitcoin, allowing for partial settlements in cryptocurrency under certain conditions. This initiative could position Brazil within the global digital finance landscape, similar to practices already established in several other nations, while enhancing financial innovation and offering more options for workers. However, its fate depends on legislative review and approval.
Original Source: news.bitcoin.com
