Brazil May Accelerate Crypto Adoption... Exploring Ways to Pay Salaries Using Bitcoin

Uk Jin

Summary

It was reported that a bill to legalize salary payments using Bitcoin has been proposed in Brazil.
According to the bill, workers will be able to receive their salaries in Bitcoin through an agreement with their employers.
Brazil is reportedly accelerating the promotion of the cryptocurrency industry with the goal of becoming a digital asset hub.

A new cryptocurrency-related bill has emerged in the South American country of Brazil. A bill has been proposed to legalize salary payments using Bitcoin (BTC).

According to local media on the 16th (local time), Congressman Luis Felipe Orleans-Braganza submitted a bill to the legislature that would allow workers to legally receive Bitcoin as salary.

The bill is reportedly designed not to mandate Bitcoin salary reception but to provide workers with an opportunity to be exposed to new technology. Workers will be able to receive Bitcoin salaries after going through an agreement stage with their employers.

Measures have also been prepared to preserve the value of the Brazilian legal tender, the real. At least 50% of the minimum salary must be maintained in the Brazilian legal currency, the real.

Congressman Felipe claimed, "This bill will enable Brazil to leap forward as a digital asset hub." He added, "The purpose is to attract related industry investments to Brazil and guarantee workers' autonomy and labor rights."

Meanwhile, Brazil has been accelerating the national promotion of the cryptocurrency industry this year. Previously, the Brazilian Securities and Exchange Commission approved the world's first XRP spot ETF, and the Brazilian state-owned postal service Correios is also in the process of selecting relevant companies to utilize artificial intelligence (AI) and blockchain technology.

BTC