- Two bills regarding the matter of Bitcoin have already been submitted for consideration by Brazilian legislators.
- The new legislation proposes an option for Brazilian workers to receive a portion of their salaries in bitcoin.
- According to the proponent, the legal instrument will help the state to solve the persistent problem of cash flow.
On Friday, November 5th, federal deputy of the Republican party, Luizão Goulart, presented a bill outlining the possibility for Brazilian workers to receive a portion of their salaries in cryptocurrencies for the consideration of the Board of Directors of the Chamber of Deputies.
Both private sector workers and government employees at the three levels (federal, state and municipal) would benefit from the drafted law, PL 3908/2021.
According to the proposal, as outlined by the website portaldobitcoin.uol.com.br, It would be the workers themselves who establish the limits for what percentage of payments they would receive in cryptocurrency, since “any imposition by the employer is prohibited.”
Workers who wish to opt in to the new payment system must first expressly request it from their employer.
Goulart argued that the decentralized nature of private digital currencies ensures that no central figure or entity controls them.
"Our proposal is in line with this modernity, establishing that, optionally, the worker can receive part of their remuneration in any type of cryptocurrency that is in force in the financial market," said the deputy.
In order to justify its viability, and the need to approve the bill, the legislator claimed that the main incentive to carry out the proposal would be that “it will collaborate with solutions to the problem of the ‘cash’ of the Federal, State and Municipal Governments”.
He indicated that it would provide “alternatives in the form of payment for public servants in general and, at the same time, moves a gigantic market economy to come.”
"The fourth digital revolution is already a global reality," said the deputy by way of conclusion during his explanatory statement before the legislators.
"It is only up to us to adapt, reinvent ourselves, and advance in this wonderful path of modernity, with the aim of establishing a global economy that facilitates the daily life of citizens and, above all, provides good quality of life for all," he added.
On The Flipside
- Although the use of Bitcoin as a common currency has not yet been legally recognized in Brazil, the presentation of this bill to Congress contributes to paving the way towards the adoption of BTC and other cryptocurrencies.
- A survey published in mid-September concluded that almost half of Brazilians want Bitcoin to be adopted as a legal currency.
Why You Should Care?
- Another bill presented to the deputies proposes the legalization of payments using bitcoin throughout the country.
- The bill, which has already passed the scrutiny of a special legislative commission, is ready for discussion in the plenary session of deputies.
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