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Brazilian congress proposes crypto as a method of salary payment

11-08-2021

A Brazilian lawmaker has proposed legislation to allow cryptocurrency payments as a form of salary for both public and private sector employees. Workers will be allowed to seek payment in cryptocurrency from their employers. The measure requires crypto payments to be given only if the workers and the company reach an agreement. According to the bill:
 
“The limits of the percentage of payment (remuneration) in cryptocurrencies will be of the worker’s free choice. Any imposition by the employer will be prohibited.”
The bill highlights the evolution of finance, from a barter system and fiat currencies to Bitcoin,  focusing on the decentralization aspect which removes the reliance on “a single person or a central entity.”
 
The Senate has enacted a bill introduced by Senator Goulart that would establish a consensus between employees and employers for establishing the percentages of pay in crypto and fiat. As Goulart stated:
 
“Most importantly, the proposal will help collaborate in the resolution of the “cash” problem of the Federal, State and Municipal governments by offering payment alternatives, and at the same time, moving a gigantic Market Economy that lies ahead.”
 
While requesting the approval of the proposal, Goulart cited the need to establish“a global economy that facilitates the daily lives of citizens and provides a good quality of life for all.”
The bill will be legalized 90 days after it is approved.
 
In Brazil, the punishment for money laundering has been doubled from one-third to two-thirds of the sum laundered. The minimum prison term has also been raised from ten years to sixteen years and eight months. A special committee of the Chamber of Deputies adopted the bill.
 
“With the lack of regulation, people have nowhere to turn. The market will advance and adjust in Brazil. There will no longer be profiteers using technology to deceive millions of Brazilians,” according to state representative Aureo Ribeiro.