A new Brazilian bill proposes allowing workers to receive part of their wages in bitcoin. Sponsored by Luiz Philippe de Orleans e Bragança, the bill requires at least half of wages to remain in national currency. It aims to boost Brazil’s integration into digital finance and provide educational resources on cryptocurrency risks. The proposal is still pending review by lawmakers.
A bill has been introduced in Brazil’s Congress proposing that wages and other labor-linked payments be partially paid in bitcoin and other virtual assets. Titled “Regulation of the Payment of Salaries, Remunerations, and Labor Benefits with the Use of Virtual Assets,” the legislation seeks to legally enable workers to receive up to 50% of their salaries in such assets, pending mutual agreement from both parties.
Sponsored by Luiz Philippe de Orleans e Bragança, the bill must go through the review process in the Chamber of Deputies before moving to the Senate for further consideration. Payments in bitcoin will not be allowed to exceed 50% of total wages, with the remaining 50% required to be settled in the national currency, thereby maintaining a level of stability.
Companies will also need to provide comprehensive payment statements and educate employees on market volatility and transaction safety associated with using cryptocurrencies. De Orleans e Bragança highlighted the importance of this legislation for Brazil’s integration into the digital financial landscape, citing successful models from countries like Portugal, Japan, and Switzerland.
He added that fostering a regulatory environment conducive to digital currencies might attract investment from financial firms into Brazil, thereby enhancing innovation. The introduction of stablecoins, which are gaining popularity in Brazil, could offer a buffer against economic factors such as devaluation and inflation for workers. Nevertheless, the bill is still in its early stages, and its future remains uncertain as lawmakers assess the proposal.
The introduction of a bill in Brazil that could permit wage payments in bitcoin marks a significant potential shift in the country’s labor regulations. With provisions for up to 50% of salaries to be paid in virtual assets, along with educational requirements for workers about associated risks, the proposal aims to align Brazil with global digital finance trends. While its success is yet to be determined, the initiative reflects an evolving landscape for cryptocurrency in labor markets.
Original Source: news.bitcoin.com
