A bill in Brazil proposes allowing partial payment of wages in bitcoin, enabling workers to receive up to 50% of their salary in virtual assets, pending mutual agreement. It requires compliance with regulations and employee education on cryptocurrency risks. While it could boost investment and innovation, the bill is still under review by lawmakers.
A new legislative proposal in Brazil aims to permit partial payment of wages in bitcoin and other virtual assets. Titled “Regulation of the Payment of Salaries, Remunerations, and Labor Benefits with the Use of Virtual Assets,” the bill would allow workers to legally receive up to 50% of their salaries in bitcoin, subject to mutual agreement with employers.
Sponsored by Luiz Philippe de Orleans e Bragança, the bill now awaits review and approval from the Chamber of Deputies before heading to the Senate. It mandates that the value of any virtual assets used in payment must be verified by a central bank-authorized entity.
Under the proposal, employers must settle at least half of wages in traditional fiat currency, with full bitcoin payment remaining illegal. Companies must also provide detailed pay statements and educate employees on volatility and security issues associated with cryptocurrencies.
De Orleans e Bragança asserts that this initiative is essential for modernizing Brazil’s financial framework and aligning it with nations like Portugal, Japan, and Switzerland. He believes this measure could attract more financial investment into Brazil, fostering innovation and granting workers greater flexibility in salary payments. Moreover, the introduction of stablecoins, already popular in Brazil, might help mitigate inflation and currency devaluation risks.
While the bill presents significant opportunities, it is still in its preliminary stages, and its acceptance by lawmakers remains uncertain.
In conclusion, the proposed bill in Brazil introduces a significant move towards allowing partial wage payment in bitcoin, aiming to enhance the country’s financial landscape. By facilitating up to 50% payment in virtual assets while ensuring regulatory oversight, this initiative could attract investment and provide employees with diverse salary options. However, its future hinges on legislative approval, making the outcome unpredictable at this stage.
Original Source: news.bitcoin.com
