Brazilian federal deputy leader proposes crypto for salaries

Brazilian federal deputy leader proposes crypto for salaries

In November 2021, the Federal deputy leader from Brazil, Luizão Goulart, proposed a bill to legalize cryptocurrencies as salaries for public and private sector workers as released through the Chamber of Deputies online portal. Goulart wanted to give all Brazilian employees the choice to get their wages in crypto. Additionally, the proposal highlighted that this bill can only be executed if both the employee and employer are in agreement.

If the bill is approved, Brazilians will then choose whether to have a certain part or the entirety of their salaries in cryptocurrencies. In the translated version of the bill, Goulart said that ‘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’.

Goulart also mentioned in the proposed bill that if it is signed into law, he will establish a consensus between workers and employers. This will help predetermine the percentages of remuneration in crypto and fiat. He said that ‘most importantly, the proposal will help collaborate in the resolution of the cash problem of the Federal, State and Municipal governments by offering payment alternatives, and at the same time, moving a gigantic Market Economy that lies ahead’.

While waiting for the approval of his proposal, Goulart cited that there was a need to establish ‘a global economy that facilitates the daily lives of citizens and provides a good quality life for all’. The bill also pointed out the importance of the evolution of finance, particularly in the digital realm.

It highlighted the shift from a barter system and fiat currencies to cryptocurrencies such as Bitcoin (BTC). Moreover, the bill showed how there is now a change in the reliance on a single person or entity, making way for the decentralization aspect to flourish.

On another note, the voluntary nature of Goulart’s proposal shows a different approach compared to other countries like El Salvador. The president of El Salvador Nayib Bukele mandated that all businesses adopt Bitcoin in his speech at a Bitcoin conference in Miami last June.

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