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Former federal representative of Sao Paulo, Brazil has submitted bills to Brazil's parliament to seek legalization of Bitcoin salary payments
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4 hours ago 1,253
Golden Finance reported that former Rep. Luiz Phillipe of Orleans-Braganza, a former federal Representative of São Paulo in Brazil, has submitted a bill to the Brazilian Congress seeking to legalize Bitcoin salary payments. The politician proposed legislation allowing Brazilian workers to receive wages and labor rights in cryptocurrency. The bill aims to allow workers to receive up to 50% of their wages and benefits in the form of digital assets. It is worth noting that the bill does not mandate acceptance of Bitcoin, but provides a legal basis for residents who want to be exposed to emerging technologies. With the agreement of the employer, employees can choose to obtain labor rights in the form of Bitcoin and can terminate the payment method at any time. The bill also stipulates that 50% of salary still needs to be paid in Brazilian reals to ensure the practicality of the currency. However, this clause does not apply to freelancers, foreigners and self-employed persons, and related matters are regulated by the Brazilian Central Bank. The proposal must be approved by the House of Representatives plenary meeting and a majority vote before it can enter the Federal Senate for final review.
Keywords: Bitcoin
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