• Brazilian legislators have already received two bills relating to the topic of.
• Brazilian workers have the option of receiving a part of their salary in Bitcoin under this new law.
• Proponents claim that this legal instrument will aid the state in solving the cash flow problem.

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.

The drafted law, known as PL 3908/2021, will be of benefit to both the private sector and the government at all three levels, federal, state, and municipal.

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.”

If workers wish to be included in the new payment system, they must ask their employers for permission.

Goulart claimed that private digital currencies are decentralized and that they can be controlled by no one central entity.

“Our proposal, in accordance with this modernity establishes that workers can optionally receive part of the remuneration through any type of cryptocurrency currently in force in financial market.”
According to 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 worldwide reality.
During his explanation statement to the legislators, the deputy concluded.

“It’s up to each of us to adjust, reinvent ourselves and move in this beautiful path of modernity with the aim to establish a global economy that facilitates everyday life of citizens, but also provides good quality life for everyone.”
He concluded.

Flipside

• Although Bitcoin is not legally recognized as a currency in Brazil yet, this bill was presented to Congress to help pave the way for the adoption of BTC.
• In mid-September, a survey revealed that nearly half of Brazilians wanted Bitcoin to become a legal currency.

What Are You Responsible For?

• The deputies were also presented with a bill proposing the legalization for payments made using Bitcoin throughout the country.
• After passing the examination of a special legislative committee, the bill is now ready to be discussed in plenary.

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