Brazilian federal deputy proposes crypto payment option for workers

Brazilian Congressman Luizao Goulart, Federal Deputy, introduced a bill that legalizes crypto payments as a method of payment for workers in the public and private sectors.

Goulart’s proposal proposes a new law which allows Brazilian workers to ask their employers for cryptocurrency remuneration. The bill does not allow crypto payments to be made without a mutual agreement between workers and employers. The bill’s translated version is:

“The worker will have the freedom to choose the limits on the payment (remuneration in cryptocurrency) that they wish to accept. Employers cannot impose any restrictions on workers’ wages.

The bill details the evolution of finance, from a barter system through fiat currencies to Bitcoin (BTC), focusing on decentralization which eliminates the dependence on “a single individual or a central entity”.

Goulart’s bill, if signed into law by the legislature, will create a consensus among the workers and employers to predetermine the percentages for remunerations in crypto and fiat. Goulart claims:

“Most importantly, this proposal will assist in the resolution the “cash problem” of the Federal, State, and Municipal governments by offering payment options and moving a huge Market Economy that lies ahead.

Goulart requested the approval of the bill. He cited the need for a “global economy that facilitates daily life of citizens and provides good quality of living for all”. The bill will become law within 90 days.

Related: Brazil will tighten sanctions for crypto-related financial crimes

The Special Committee of the Chamber of Deputies in Brazil recently approved a bill that would penalize crypto-related financial crimes.

Recent regulatory changes have raised the penalties for money laundering and increased the minimum sentences for similar crimes. Cointelegraph reported that the penalty for money laundering has gone up from one-third to two-thirds of the amount, while the prison terms have increased from 10 to 16 years to eight months and six to eight months.

“Without regulation, people don’t know where to turn. Brazil’s market will grow and adapt. Federal Deputy Aureo Rio Ribeiro stated that there will be no profiteers using technology in Brazil to deceive millions.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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