Brazilian federal deputy proposes cryptocurrency as a payment option for workers

Goulart's plan calls for the passage of a new legislation that would provide all Brazilian employees the option to receive their payment in cryptocurrency from their employers.

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Luizo Goulart, the Brazilian federal deputy, has proposed a new law to legitimize cryptocurrency payments as a means of remuneration for private and public sector employees.

Mr. Deputy's plan calls for the passage of a new legislation that would provide all Brazilian employees the choice of receiving their payment in cryptocurrency from their employers. The measure, on the other hand, stipulates that cryptocurrency payments may only be issued once a mutual agreement between the employees and the company has been reached. According to the bill's translated text, it is as follows:

“The limits of the percentage of payment (remuneration) in cryptocurrencies will be of the worker’s free choice. Any imposition by the employer will be prohibited.”

With an emphasis on decentralization that aims at eliminating the dependence on "a single person or central institution", the bill depicts how finance has changed over the years, turning from a barter system and fiat currencies into Bitcoin (BTC).

If passed, Goulart's bill would create an agreement between employees and employers on the proportions of payment in crypto and fiat. Goulart claims that:

“Most importantly, the proposal will help collaborate in the resolution of the “cash” problem of the Federal, State and Municipal governments by offering payment alternatives, and at the same time, moving a gigantic Market Economy that lies ahead.”

Goulart underlined the need to develop “a global economy that facilitates the daily lives of citizens and provides a good quality of life for all”, in his call for getting the acceptance for his proposition. Exactly 3 months after the approval date, the bill will be turned into law.

Another bill was approved recently by the Special Committee of the Chamber of Deputies in Brazil. This bill sought to punish financial crimes involving cryptocurrency.

Money laundering penalties have been raised, as have the minimum jail sentences for related offenses, as a result of recent regulatory changes. The punishment has been doubled from one-third to two-thirds of the laundered money, with jail terms increasing from ten to sixteen years and eight months.

Aureo Ribeiro, the Federal Deputy explained this issue:

“ With the lack of regulation, people have nowhere to turn. The market will advance and adjust in Brazil. There will no longer be profiteers using technology to deceive millions of Brazilians.”

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Cryptocurrency(5)

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Brazil

Cryptocurrency Payment

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Brazil

Cryptocurrency Payment