In a significant move towards embracing digital assets, former federal deputy Luiz Phillipe of Orleans-Braganza has put forth a bill in the Brazilian Congress intending to legalize salary payments in Bitcoin. This groundbreaking legislation proposes that Brazilian workers can opt to receive up to 50% of their wages and benefits in Bitcoin, aligning the country's labor market with modern technological advancements. The innovative bill does not mandate that employers accept Bitcoin payments; rather, it provides a structured legal framework for residents who are eager to adopt emerging technologies.
Employees will have the choice to receive a portion of their compensation in Bitcoin, but this option requires the employer's consent. Furthermore, individuals have the flexibility to discontinue using this payment method at any point, ensuring adaptability in their financial choices. It's crucial to note that while the legislation promotes the use of digital currencies, it still maintains a balance with traditional currency systems.
Specifically, the bill mandates that at least 50% of salaries be disbursed in Brazilian reais, reinforcing the practicality of the national currency. However, this requirement does not extend to freelancers, foreign nationals, or individuals who are self-employed, allowing them greater freedom regarding their payment methods. In managing this groundbreaking financial shift, the Brazilian Central Bank is designated to oversee all relevant matters concerning the bill’s implementation and compliance. For the proposal to progress, it must gain approval from the complete House of Representatives and secure a majority vote.
Following this, the bill will advance to the Federal Senate for final critical consideration. This initiative could potentially reshape Brazil's financial landscape, fostering a more inclusive and technologically advanced economy..