MP wants to allow workers to receive their wages in cryptocurrency

Bill seeks to legalize payment of wages in cryptocurrency in Brazil

Luizão Goulart, Brazilian federal deputy since 2019, has just tabled a bill to authorize the payment of salaries in cryptocurrency. This law provides for allowing “workers in the public and private sectors” to receive part of their pay in crypto-assets.

“The limits of the percentage of payment (remuneration) in cryptocurrencies will be freely chosen by the worker, and any taxation by the employer is prohibited”, specifies the text of the law.

Compensation in digital currencies must be the result of “mutual agreement between the worker and the employer”. Unsurprisingly, the employee who chooses to be partially remunerated by cryptocurrency must expressly notify the public administration.

To justify the interest of the bill, Luizão Goulart highlights the evolution of the monetary system and the world of finance in the face of the rise of the Internet. The MP also highlights the explosion of the cryptocurrency market in recent years. The total capitalization of cryptocurrencies has also exceeded 3 trillion dollars recently, causing an explosion in the price of some altcoins, including Ether (ETH) and Solana (SOL).

“Above all, this law will help to solve the problem of ‘treasury’ of federal, state and municipal governments by offering payment alternatives and, at the same time, by advancing the gigantic market economy that lies ahead,” explains the proposal. of law.

👉 Also read: Brazil’s largest investment bank launches cryptocurrency trading platform

Brazil, an increasingly crypto-friendly nation

This law will soon be considered by the Brazilian Congress. If approved, the project will come into effect within 90 days of its adoption. For the moment, there is no indication that this law has been ratified by the Brazilian authorities.

Either way, this new proposal confirms Brazil’s growing interest in the cryptocurrency industry. A few weeks ago, a bill by federal deputy Aureo Ribeiro also proposed to legally regulate digital currencies. The politician was not shy about suggesting that Bitcoin (BTC) will sooner or later be adopted by Brazil.

As a reminder, the Brazilian population has widely adopted cryptocurrencies in recent years. Brazilians own a total of $ 50 billion in cryptoassets, according to a report by the Central Bank of Brazil. Since January 2021, residents of the country have invested $ 4.27 billion in cryptocurrencies.

👉 On the same topic – Bitcoin (BTC) trading intensifies in Argentina and Brazil

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About the author: Florian Bayard

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