Bitcoin, the single currency for wages? – Since El Salvador initiated a grassroots movement, making Bitcoin (BTC) a legal tender, many Latin American countries also seem to be pushing towards adoption. In Brazil, citizens seem particularly interested in BTC and crypto-currencies, and a new bill could partially fulfill their desire.
Brazil ready to adopt Bitcoin
Already in October, a new crypto law in Brazil strengthened their integration into the economy and their regulatory oversight. But one Brazilian congressman wants to go even further.
In a bill recently filed by federal deputy Luizão Goulart, cryptocurrencies (and Bitcoin in particular) are envisioned as a method of paying wages, for workers in both the public and private sectors.
« This law establishes that part of the worker’s remuneration may, as an option, be paid with cryptomoney. (…) the remuneration [in crypto-assets] will be done by mutual agreement between the employer and the employee (…) the employer will not have the right to impose it. »
Excerpt from the bill by Deputy Luizão Goulart
The maximum percentage of the share paid in crypto-assets will also be chosen by the employee, in agreement with his boss, the other share remaining paid in fiat currency.
A recognition of the benefits of crypto currencies for the economy
The possible cryptocurrencies for the payment of salaries, however, are not clearly specified, and only Bitcoin is cited by the bill:
« At the height of the 2008 financial crisis, Satoshi Nakamoto, in his white paper, proposed a ‘digital currency system’ that does not require reliance on a financial institution. The world’s first cryptocurrency, Bitcoin, was then born. It had all the characteristics that make it the antithesis of the current global financial system. Subsequently, other crypto-currencies were developed and created around the world based on the same model as Bitcoin. Crypto-currencies use a ‘decentralized’ system, meaning that their transactions are not controlled by a single ‘central person or entity’. »
Very nice summary, which shows that more and more politicians understand quite accurately the nature and role to be played by Bitcoin and cryptos. And the last words, at the end of this bill, are very flattering for the crypto-asset sector, described as the « fourth digital revolution »:
« It is up to us to adapt [to this revolution], to reinvent ourselves and to move forward in this wonderful path of modernity, in order to establish a global economy that facilitates the daily life of citizens, and above all, offers a good quality of life for all. »
If this bill were to be passed by the Brazilian Congress, it would go into effect after 90 days following its approval. Once again, emerging countries seem to be in the best position for the adoption of Bitcoin and cryptos, and will certainly spearhead it.