Proposed Bill in Brazil to Allow Wages Paid in Bitcoin

A new bill in Brazil may enable workers to receive up to 50% of wages in bitcoin. Introduced by Luiz Philippe de Orleans e Bragança, the bill mandates that 50% of wages remain in fiat currency, and includes education on volatility and security. The proposal is still in early phases pending legislative review.

A new bill in Brazil proposes to allow wages and other labor-related payments to be partially paid in bitcoin and other virtual assets. This initiative, titled “Regulation of the Payment of Salaries, Remunerations, and Labor Benefits with the Use of Virtual Assets,” aims to facilitate workers receiving up to 50% of their salaries in bitcoin, contingent upon mutual consent from employees and employers.

The bill was introduced by Luiz Philippe de Orleans e Bragança and will undergo a review in the Chamber of Deputies before potentially advancing to the Senate. If enacted, it will require that at least half of wage payments remain in the national fiat currency, with the value of paid virtual assets needing certification from an authorized entity by the central bank.

Additionally, companies will have to provide detailed salary statements and invest in educating employees about the volatility associated with virtual assets and issues of transaction security, addressing key risks involved in cryptocurrency transactions.

De Orleans e Bragança advocates for this bill, asserting that it is a crucial step for Brazil to remain competitive in the global digital finance landscape. He indicates that similar regulations exist in countries such as Portugal, Japan, and Switzerland, and argues that this could stimulate financial investment in Brazil, fostering innovation and granting workers greater flexibility in their wage payment preferences.

Despite its potential benefits, the bill is at an early stage, and it is uncertain if legislators will support the proposal moving forward. The outcome of this initiative could significantly impact Brazil’s economic landscape, particularly in terms of worker compensation and the adoption of cryptocurrency.

The proposed bill in Brazil seeks to integrate bitcoin into wage payments, allowing employees to receive up to 50% of their salaries in virtual assets, while ensuring that at least half remains in fiat currency. While it aims to enhance Brazil’s position in global digital finance and provide workers with greater financial flexibility, its future remains uncertain as it awaits legislative scrutiny.

Original Source: news.bitcoin.com