Brazilian Government Proposes Bill That Could Regulate Payment Of Employee Salaries Through Cryptocurrencies

The Brazilian government is getting more and more involved in the use of cryptocurrencies. (photo: doc. unsplash)

JAKARTA - Federal Deputy Luizão Goulart, a Brazilian congressman, proposed a bill to legalize crypto payments as a means of payment for public and private sector workers.

Goulart's proposal seeks a new law that would allow all Brazilian workers the option of asking their employers for remuneration in cryptocurrency. However, the bill guarantees crypto payments are made only after it becomes a mutual agreement between the worker and the employer.

“The payout percentage cap (remuneration) in cryptocurrency will be a worker's free choice. Any coercion by the employer will be prohibited.”

The bill highlights the evolution of finance – from barter systems and fiat currencies to Bitcoin (BTC) – focusing on aspects of decentralization that eliminate reliance on “one person or central entity.”

If signed into law, the Goulart Bill would form a consensus between workers and employers to determine the percentage of remuneration in crypto and fiat.

“Most importantly, the proposal will help collaborate in solving the Federal, State and City government “cash” problems by offering payment alternatives, and at the same time, powering the giant Market Economy that lies ahead, Goulart said, as quoted by the Daily Mail. Cointelegraph.

Asking for approval of the proposal, Goulart mentioned the need to build a "global economy that facilitates people's daily lives and provides a good quality of life for all." The bill will be passed into law after 90 days from the date of approval.

The Special Committee of the Brazilian Chamber of Deputies recently approved a bill to punish crypto-related financial crimes. Recent regulatory amendments have increased penalties for money laundering in addition to raising the minimum prison sentence for similar crimes.

As Cointelegraph reports, penalties have increased from one-third of the amount laundered to two-thirds. Meanwhile, prison time has been increased from 10 years to 16 years and eight months.

“With the lack of regulation, people have nowhere to turn. The market will move forward and adjust in Brazil. There will be no more profiteers using technology to deceive millions of Brazilians," said Federal Deputy Aureo Ribeiro.