Big news out of Brazil! A new bill has landed in the National Congress that could pave the way for salaries to be paid in Bitcoin and other cryptocurrencies.

Former federal deputy of Sao Paulo, Luiz Phillipe of Orleans-Braganza, is championing the move towards crypto paychecks. He recently presented a bill to Brazil’s Congresso Nacional, aiming to officially legalize payments in Bitcoin. This proposal is all about empowering Brazilian workers, potentially allowing them to receive their wages and even labor benefits in cryptocurrencies.

Brazil Eyes Another Crypto-Friendly Law

According to reports from local news source Livecoins, Phillipe introduced this bill on Friday, March 14th, seeking a change in regulations from the Brazilian National Congress. The proposition on the table is to permit employees to receive up to half of their earnings and benefits in the form of digital currencies.

It’s important to note this bill isn’t about forcing anyone to accept Bitcoin. Instead, it’s designed to provide a legal pathway for Brazilians who are keen on exploring this emerging technology. If both employer and employee agree, wages can be paid in Bitcoin, and workers can opt out of this payment method whenever they choose.

The legislation specifies that at least 50% of salaries would still be paid in Brazilian Real (R$) to ensure the national currency remains relevant. However, it’s worth noting that the Brazilian Central Bank oversight on this doesn’t extend to freelancers, expats, or those self-employed.

To become law, the proposal needs to clear a plenary session in the Chamber of Deputies and secure a majority vote before moving on to the Federal Senate for final approval. It’s a process, but it’s underway!

Bill Aims to Boost Brazil’s Standing in Digital Assets

Phillipe is a strong believer that this bill will further cement Brazil‘s position as a key global hub for digital assets, especially as the crypto industry continues to grow. He argues it could attract valuable foreign investment in technology and empower workers with greater control and choice over how they receive their pay.

This proposal definitely aligns with Brazil’s increasingly welcoming attitude towards digital assets. The country’s clear regulatory framework is creating a positive environment for crypto businesses, highlighted by Binance recently gaining a broker license to operate within Brazil.

Interestingly, Brazil isn’t alone in considering crypto salaries. Back in 2021, an Argentine lawmaker also introduced a similar bill. Furthermore, a court in the United Arab Emirates (UAE) recently recognized salary payments in Bitcoin, reflecting a growing global trend of crypto adoption.