Brazilian MP offers crypto payment option for workers
MP Luizão Goulart, a Brazilian congressman, has proposed a bill to legalize crypto payments as a form of payment for workers in the public and private sectors.
Goulart’s proposal targets a new law that allows all Brazilian workers to have the option of asking employers for compensation in cryptocurrencies. However, the bill ensures that crypto payments will only be made after selling a mutual agreement between the workers and the employer. According to the translated version of the bill:
“The limits of the percentage of payment (remuneration) in crypto-currencies will be the free choice of the worker. Any taxation by the employer will be prohibited.
The bill highlights the evolution of finance – from bartering and fiat currencies to Bitcoin (BTC) – by focusing on the aspect of decentralization that removes dependency on “one person or a central entity “.
If enacted, Goulart’s bill will establish a consensus between workers and employers to predetermine pay percentages in crypto and fiat. According to Goulart:
“Most importantly, the proposal will help work together to solve the federal, state and municipal“ cash flow ”problem by offering payment alternatives, and at the same time, advancing a gigantic market economy that lies ahead. “
While asking for approval of the proposal, Goulart spoke of the need to establish “a global economy that facilitates the daily life of citizens and provides a good quality of life for all”. The bill will be adopted 90 days after the date of approval.
Related: Brazil aims to toughen penalties for crypto-related financial crimes
The Brazilian special committee of the Chamber of Deputies recently approved a bill aimed at sanctioning financial crimes related to cryptography.
The latest regulatory changes have increased the penalty for money laundering in addition to increasing minimum prison sentences for similar crimes. As Cointelegraph reported, the sentence has dropped from one-third of the amount of money laundered to two-thirds while prison terms have been increased from 10 years to 16 years and eight months.
“With the lack of regulation, people have nowhere to turn. The market will grow and adjust to Brazil. There will be no more profiteers using technology to deceive millions of Brazilians, ”said MP Aureo Ribeiro.