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Draft bill proposed to offer Brazilian workers payments in Bitcoin (BTC)

Mon 08 Nov 2021 ▪ 10h54 ▪ 3 min read — by Katie Donaldson

Deputy Luizão Goulart of Brazil has presented a draft bill to make Bitcoin a legal form of payment for workers on Friday, 5th November. According to the document, the payments will be possible only after a mutual agreement has been reached between the workers and the employer.

Revolutionising the financial system of Brazil

Goulart stated that such a move is a part of “the fourth digital revolution. The evolution of finance from a barter system to fiat currencies to digital assets is the cause of this proposal, and Bitcoin is the antithesis of the current global financial system.” 

The bill itself highlights the fact that crypto payment will only be an option. At the moment it’s not clear if the proposal will be accepted; however, a nationwide poll from September shows 48% of citizens in support of making Bitcoin the legal tender. This is quite a positive sign for Goulart’s bill.

“It is only up to us to adapt, reinvent and progress along this wonderful path of modernity in order to establish a Global Economy that facilitates the daily lives of citizens and, above all, provides a good quality of life for all,” the deputy added.

Goulart is sure that creating a global economy is necessary for improving the quality of life for everyone. The bill is supposed to be passed into law after 90 days from the date of approval. In case it’s approved, Brazil will see the resolvement of its cash problem of the federal, state, and municipal governments.

The Special Committee of Brazil’s Chamber of Deputies has recently approved a bill to regulate digital currencies, resulting in rumours that the country would follow El Salvador’s lead and make Bitcoin legal tender. However, it’s important to understand that Brazilian lawmakers do not intend to do so at the moment.

The Central Bank of Brazil announced that it is more likely to develop a central bank digital currency (CBDC) rather than work on making Bitcoin legal tender in the country.

A draft bill seeking to allow Brazilian workers to be paid in crypto was presented to the country’s Deputies Chamber by congressman Luizão Goulart on 5th November.

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Katie Donaldson avatar
Katie Donaldson

I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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