Brazil may be the next next to legitimacy on salary payments in Bitcoin, after the National Congress received a draft law that pushes this step. According to reports, Congress has received a draft law that allows employees to take their salaries and other bonuses in bitcoin and other digital assets.
The draft law and prominent politician Louise Philip of Orleans Praghanza was presented. In the draft law, the National Congress was asked to discuss the idea of ​​organizing salaries in digital assets. “Organizing payment of salaries, bonuses and benefits of work using virtual assets,” reads excerpts from the bill.
According to the usual situation of billing bills in Brazil, it will first undergo analysis inside the deputies room. If it is approved, with the majority in the plenary session, it will be sent to the Federal Senate for evaluation. According to the Brazilian legislation, Law No. 14,478/2022 addresses bitcoin and other digital assets as “virtual assets”, which means that the new proposal will use the same terms to regulate work activities.
In the bill, Philip stated that companies must provide detailed payment data and provide financial education for workers who want to collect their salaries in digital assets. He added that they need to cover concepts such as market fluctuations and transaction security. The project also guarantees the account of work and social security fees based on the total value of the bonuses expressed in Reais.
The Brazilian National Congress is looking
According to the local media LivecoinsThe bill was submitted by Philip to the National Congress on March 14, asking legislators to make a change in the base. According to his suggestion, workers should be able to collect at least 50 % of their wages and other dues in Bitcoin and other digital assets if they choose to.
It is worth noting that the draft law does not impose bitcoin acceptance, but it provides legal support for residents working in the country who prefer to be constantly increasing technology. According to the draft law, payments must occur in digital assets after an agreement between the worker and the employer. This means that both parties can decide to finish using the payment method as desired.
An interesting part of the draft law stated that 50 % of the bill should remain in the true Brazilian to maintain the benefit of the country’s currency. However, according to the law supervised by the Brazilian Central Bank, the draft law will not apply to independents, expatriates or workers working for their own account. This may be mainly to the fact that they are allowed to choose how to pay them for their services, as most often takes encryption.
Philip supports the bill to enhance the competitiveness of digital assets
According to Philip, Brazil’s draft law will help enhance its status as a global center for digital assets, as countries around the world continue to pressure to adopt technology. He stated that the other coming trend is that it will attract foreign investments in the country, which gives employees the freedom to make a decision on the options they want to obtain their rights to work.
Meanwhile, the proposal represents a wider friendly step towards digital origins in Brazil. The country of South America is proud of its clear organizational framework that provided a safe and safe environment for individuals and companies in the encryption space. For example, the common Crypto Exchange Binance announced an expansion in Brazil earlier this year, and it became the first exchange of an intermediate license.
It is worth noting that Brazil is not the first country to look at this approach, as the Argentine legislator presented the same proposal in 2021. According to the author of the draft law, Jose Luis Ramon, the initiative will help employees maintain their purchasing power while increasing their financial independence.
“I submitted a bill so that workers have the option to receive their full or partial salary in bitcoin or another encryption. The idea is that they can enhance their independence and maintain the purchasing power for their rewards.”
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