A bill in Brazil proposes allowing partial wage payments in bitcoin, enabling workers to receive up to 50% of their compensation in cryptocurrency. Sponsored by Luiz Philippe de Orleans e Bragança, it emphasizes employee education on cryptocurrency risks and mandates that companies issue transparent payment statements. The proposal is pending approval from the Chamber of Deputies and could foster innovation and investment in Brazil’s financial sector.
A new legislative proposal has emerged in Brazil, aimed at permitting partial wage payments through virtual assets, specifically bitcoin. The bill, titled “Regulation of the Payment of Salaries, Remunerations, and Labor Benefits with the Use of Virtual Assets,” seeks to enable employees to receive a portion of their compensation in cryptocurrency, subject to specific conditions.
Spearheaded by Luiz Philippe de Orleans e Bragança, the proposal will undergo analysis by the Chamber of Deputies before being forwarded to the Senate. If approved, it will allow workers to accept up to 50% of their wages in bitcoin, contingent upon mutual agreement between employees and employers. Furthermore, the underlying asset’s value must be certified by a central bank-recognized entity.
Importantly, the measure prohibits full payment in bitcoin, mandating that at least half of the wages be paid in the national fiat currency. Additionally, companies will be required to provide comprehensive pay statements and educate their employees on the intricacies of cryptocurrency, including volatility and transaction security.
De Orleans e Bragança asserts that these legislative changes are crucial for positioning Brazil within the global digital finance arena, aligning it with the regulatory frameworks of nations such as Portugal, Japan, and Switzerland. He envisions that this initiative could attract investments from financial firms, fostering innovation and offering workers enhanced choices regarding their wage receipt methods.
However, the bill remains in its early stages, and it is uncertain whether legislators will endorse this progressive approach to wage payment.
The proposed bill in Brazil presents a significant shift toward integrating cryptocurrency into the wage payment structure. By allowing partial salary payments in bitcoin while emphasizing education on transaction safety and market volatility, it seeks to empower workers and modernize the financial system in Brazil. As the legislative process unfolds, the eventual outcome and acceptance among lawmakers will determine the future of this initiative.
Original Source: news.bitcoin.com
