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Get ready for a potential Bitcoin paycheck in Brazil! The National Congress is now considering a bill that could pave the way for workers to receive their salaries in Bitcoin. Reports are buzzing about this new proposal which, if passed, would allow employees to opt for Bitcoin and other digital currencies for their wages and other earnings.

The legislative push comes from Luiz Philippe of Orleans-Braganza, a well-known figure in Brazilian politics, who formally submitted the bill. His proposal urges the National Congress to explore and regulate salary payments using digital assets. The essence of the bill is captured in this excerpt: “Regulation of the payment of salaries, remunerations and labor benefits with the use of virtual assets.”

To become law in Brazil, the bill will follow a standard legislative journey. It will first be examined by the Chamber of Deputies. If it gains majority approval in the Plenary, it then moves to the Federal Senate for their consideration. It’s worth noting that Brazilian law, specifically Law No. 14,478/2022, already classifies Bitcoin and similar currencies as ‘virtual assets.’ This new bill intends to use this established definition as it applies to employment and compensation.

Looking deeper into the bill, Philippe proposes that companies should provide clear and detailed payment statements to employees choosing digital asset salaries. Crucially, he also emphasizes the need for financial literacy, suggesting businesses educate their workers on important aspects like market volatility and secure transactions. Furthermore, the bill clarifies that standard labor and social security deductions will still be calculated based on the total salary value, expressed in Brazilian Reais.

Brazilian National Congress to consider another pro-crypto law

According to reports from Livecoins, a local media outlet, Philippe officially presented the bill to Congress on March 14th, seeking a regulatory shift. His proposal suggests that employees should have the option to receive at least half of their salary and entitlements in Bitcoin or other digital currencies if they wish.

Importantly, this bill isn’t about forcing Bitcoin onto anyone. Instead, it’s designed to offer legal support for those working in Brazil who are interested in tapping into the growing world of crypto. The bill specifies that digital asset payments would only happen if both the employee and employer agree. This also means either party can decide to discontinue this payment method whenever they choose.

Interestingly, the bill stipulates that at least 50% of wages must remain in Brazilian Real. This is intended to maintain the functionality of the national currency. However, it’s worth noting that this law, as overseen by the Brazilian Central Bank, wouldn’t apply to freelancers, expatriates, or self-employed individuals. This exclusion likely stems from their existing flexibility in choosing payment methods, with many already utilizing crypto.

Philippe backs the bill to enhance digital asset competitiveness

Philippe argues that this bill is a strategic move to boost Brazil’s standing as a global hub for digital assets, aligning with the worldwide trend of embracing this technology. He further points out that it could attract international investment to Brazil, while empowering employees by giving them more control over how they receive their compensation.

This proposal is part of a broader, welcoming trend towards digital assets in Brazil. The nation prides itself on creating a clear regulatory landscape that fosters a secure environment for both individuals and businesses in the crypto sector. A prime example is crypto giant Binance, which expanded its operations in Brazil earlier this year, becoming the first exchange to secure a broker license.

Brazil isn’t the first to consider this approach; an Argentinian lawmaker put forward a similar proposal back in 2021. Jose Luis Ramon, the author of that bill, explained that his initiative aimed to help workers protect their purchasing power and increase their financial independence.

“I presented a bill so that workers have the option of receiving their full or partial salary in Bitcoin or other crypto. The idea is that they can strengthen their autonomy and conserve the purchasing power of their remuneration,” he stated at the time.

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Source: cryptopolitan.com