Brazilian lawmaker submits bill to allow salary payments in crypto
Luizão Goulart, Deputy Minister of the Federal Government of Brazil and a member of the House of Representatives, has submitted a bill that seeks to allow public and private sector workers to receive salary payments in cryptocurrencies.
The bill suggests that workers can accept part or the whole of their salaries in cryptocurrencies such as Bitcoin. The workers would be free to choose their mode of payment, provided that employees and employers have reached a collective agreement. It noted:
“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 deputy minister presented the draft bill at the country’s Deputies Chamber on November 5. The bill seeks to achieve voluntary consent from both parties, unlike El Salvador’s Bitcoin law that mandated the acceptance of Bitcoin as a means of payment. It also noted that, if approved, the adoption of the bill would be a slow process, allowing individuals to get used to the system.
Our proposition meets this modernity, establishing that a worker may optionally receive part of their income in any type of cryptocurrency existent in the Financial Market,” the draft bill read.
Goulart called cryptocurrencies “the fourth digital revolution” along with covering recent support from lawmakers such as The mayor of Miami, Francis Suarez of the United States, and the next mayor of New York, Eric Adams. He also quoted the recent news of Aaron Rodgers of the US NFL receiving a portion of his annual salary in Bitcoin.
Cryptocurrencies have increasingly become popular in Brazil, with residents acquiring about $4 billion worth of crypto in 2021 alone. The country’s financial regulator has also approved Bitcoin and Ethereum ETFs.
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