A new bill in Brazil aims to allow workers to receive part of their wages in bitcoin, requiring mutual consent from employers. The proposal mandates that at least 50% of payments be in national currency and includes provisions for educating employees on crypto risks. If passed, it could enhance Brazil’s digital finance landscape and attract investment while remaining in the legislative review process.
A newly introduced bill in Brazil seeks to enable the payment of wages and labor-linked obligations using bitcoin. The legislation, titled “Regulation of the Payment of Salaries, Remunerations, and Labor Benefits with the Use of Virtual Assets,” could legally allow workers to receive a portion of their salary in bitcoin or other virtual assets, pending mutual agreement from both employees and employers.
The bill, sponsored by Luiz Philippe de Orleans e Bragança, must undergo review by the Chamber of Deputies before potentially advancing to the Senate. If enacted, it would permit employees to receive up to 50% of their salary in bitcoin, although the remaining portion must be paid in national currency as full bitcoin wage payments are prohibited.
Additionally, employers would be required to provide detailed payment statements and ensure that workers are educated on market volatility and transaction security related to crypto assets. De Orleans e Bragança emphasized the need for Brazil to align its regulations with other countries like Portugal, Japan, and Switzerland to facilitate integration into the global digital finance sphere.
The bill represents an opportunity for Brazil to attract financial investments, thereby fostering innovation and offering employees greater flexibility regarding their wages. The provision for stablecoins, which are increasingly favored in Brazil, could also help workers mitigate risks associated with currency devaluation and inflation. However, the proposal is at a preliminary stage, and the future of this legislation remains uncertain as it awaits legislative support.
The introduction of a bill to permit payment of wages in bitcoin in Brazil represents a significant step towards modernizing the country’s labor payment framework. If passed, the legislation could empower workers with more options while promoting integration into the global digital economy. However, the approval process is still ongoing, leaving the outcome of this legislative effort uncertain.
Original Source: news.bitcoin.com
