May 26, 2022
New Delhi
smart world

Brazilian lawmaker proposes bill to legalize crypto payments for public and private sector employees

 

Bitcoin adoption is growing more widely, and while we hear Miami Mayor Francis Suarez come up with the idea of ​​citizens paying taxes in BTC, reports suggest that Brazil’s new bill will allow workers to accept Bitcoin as your payment. Representative Luisao Goulart, a member of the Brazilian Congress, has proposed a bill to legalize cryptocurrency as a form of payment for workers in the public and private sectors. If the bill is passed, Brazil could become the second country to approve Bitcoin as legal tender, after El Salvador.

According to a CoinTelegraph report, a Brazilian Congress bill presented to the country’s House of Representatives indicates a new law that would allow all Brazilian workers the option to demand compensation from their employers for cryptocurrency. But the bill ensures that cryptocurrency payments are made only after a mutual agreement is reached between the workers and the employer. The translated version of the invoice reads: “The percentage limits for payment (bonus) in cryptocurrency will be freely chosen by the worker. Any imposition by the employer will be prohibited.”

Goulart stated that such a move is part of the “fourth digital revolution. The evolution of finance from the barter system to fiat currencies to digital assets is the reason for this proposal, and Bitcoin is the antithesis of the current global financial system.”

It is not clear at this time whether the proposal will be accepted; However, a national survey conducted in September, a study by Sherlock Communications (via Bitcoin Magazine), showed that 48 percent of Brazilian citizens are in favor of legal tender for bitcoin. The same report also notes that there are more than 1.4 million bitcoin and cryptocurrency users in Brazil, as well as 21 bitcoin ATMs.

Meanwhile, Goulart is sure that creating a global economy is necessary to improve the quality of life for all. The proposed bill is supposed to become law 90 days after its approval.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

 

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