Brazil introduces new bill to legalize salary payment in Bitcoin

[Kemarit]

Seeing it this other way that the bill is accepted, for how long will the employers continue to use it as a system of salary remuneration, cause there is always price changes, price might go high today, and the next month when paying, it might be two times lower? If the people or employees has no knowledge about Bitcoin, it might be of no interest to them.

Using an old price to determine how much BTC they need to pay sounds a bit silly tbh. I think it makes more sense if they use the BTC price a few days or hours before they send the payout. A week or even a one-month-old price has a high degree of variance. People who choose to accept BTC as the payment option should know about this to begin with, so they're fine with some degree of variance but not 50% or so because the employer uses an old price.

I know it will be more complicated compared to weekly sig payments, but if they want to pay people with Bitcoin or crypto, they should prepare the necessary infrastructure first.

I agree and that is one draw back here that I see. In any case, the price should be just hours before the payout itself so there could only be small variance and it will be fair to the employees themselves.

Maybe in the beginning, they will have to adjust their infrastructure. But as soon as they have understand everything, it could be just as easy as it used to be. Just plugging the right data, like the current price, and then everything should be automated and seamless.

[bitterguy28]

Seeing it this other way that the bill is accepted, for how long will the employers continue to use it as a system of salary remuneration, cause there is always price changes, price might go high today, and the next month when paying, it might be two times lower? If the people or employees has no knowledge about Bitcoin, it might be of no interest to them.

Using an old price to determine how much BTC they need to pay sounds a bit silly tbh. I think it makes more sense if they use the BTC price a few days or hours before they send the payout. A week or even a one-month-old price has a high degree of variance. People who choose to accept BTC as the payment option should know about this to begin with, so they're fine with some degree of variance but not 50% or so because the employer uses an old price.

I know it will be more complicated compared to weekly sig payments, but if they want to pay people with Bitcoin or crypto, they should prepare the necessary infrastructure first.

the most fair and logical thing to do is if they converted fiat to bitcoin the exact day of the pay out but there could be instances where the employer will find a day where bitcoin is quite cheap and convert fiat to bitcoin at that time even if it is not yet pay day

i guess there really is nothing wrong there as long as the employer gives the same amount as if it were in fiat money but some employers i know would be frustrated with trying to navigate through the fluctuation of prices

[Brijesh]

Its great to listen but i think its too early stage of crypto to pay sallary in bitcoin bcz not every employee known about bitcoin so its hard for him to convert it in fiat currency.

[kulkhan]

I also think it is nice. But only 50% of the wages or salaries can be paid in bitcoin. Also employers can decide not to pay workers in bitcoin. But despite it is not mandatory, I still think it is a good development.

But overall thinking it is very positive news for crypto lover and crypto industry. I think Brazil authority did fantastic. It will creat positive impact on cryptocurrency market. And i also think gradually most of the countries will allow cryptocurrency mainly Bitcoin will allow cryptocurrency. We know that El Salvador also legalized Bitcoin. And now Brazil did it, i think gradually good time is coming for cryptocurrency market.

[Bobcrypto]

I don't know, but for many jobs, the employee consumes 100% to 40% of their salary before the end of the month, and during this period, the price of Bitcoin may decline, so this option will not be attractive for middle/low-income jobs. It may be good for high-income jobs or as part of pension plans or annual incentives.

First, 100% of employees salary spent before the end of the month means that employees in Brazil depends on borrowing, or advance salaries payments before the end of a month, unfortunately, at the end of a month, they have no earning by a simple mathematics.
However, despite this drawbacks, payments to employees with Bitcoin can be worked out if the proposed legislation is implemented.

[Azharul]

I also think it is nice. But only 50% of the wages or salaries can be paid in bitcoin. Also employers can decide not to pay workers in bitcoin. But despite it is not mandatory, I still think it is a good development.

But overall thinking it is very positive news for crypto lover and crypto industry. I think Brazil authority did fantastic. It will creat positive impact on cryptocurrency market. And i also think gradually most of the countries will allow cryptocurrency mainly Bitcoin will allow cryptocurrency. We know that El Salvador also legalized Bitcoin. And now Brazil did it, i think gradually good time is coming for cryptocurrency market.

Yes, Your comment is also very prefer in this time. We know that bitcoin is one of the best familiar and profitable crypto in cryptocurrency world. I think that bitcoin will reach all of the country in the world.

Because i think that bitcoin users can easily receive there payment. So i believe that brazil could start to legalize salary payment in bitcoin, which is correct decision in this time. So i believe that if our government can decided to payment in bitcoin and bitcoin will be a legalize currency for our country, i think that it will be very perfect for us.

[Crwth]

Wow, this is just the first time I’ve read about this, and I think their government is taking a great initiative. Having an option to receive a salary like that is a good thing, just because I do crypto, and it’s like an automatic savings account that would be hard to spend right away.

[rby]

I think the bill is very flexible and is not supposed to cause much dilemma in passing it into law. I noticed a few impressive things about the bill which make me believe that it will not cause many problems for the citizens or even the government.

• The bill indicates that only 50% of the salary or wages will be paid in Bitcoin. This is necessary to still protect the country's currency.
  
• The law will not be forced on anyone; you have the right to decide what payment method you want.
  

This is indeed a good move, if only the government will not politicize it.

[bitterguy28]

Its great to listen but i think its too early stage of crypto to pay sallary in bitcoin bcz not every employee known about bitcoin so its hard for him to convert it in fiat currency.

if this is early stage then when will they adapt to cryptocurrency? times are changing and we can't let people get left behind all the time because while the world will keep spinning they will be the ones on the backfoot

there is a very clear solution to this which is to make sure that they are informed very carefully so that they do not do anything foolish with the salary that will be paid to them i believe a seminar of some sort can be extremely helpful

[KingsDen]

I also think it is nice. But only 50% of the wages or salaries can be paid in bitcoin. Also employers can decide not to pay workers in bitcoin. But despite it is not mandatory, I still think it is a good development.

But overall thinking it is very positive news for crypto lover and crypto industry. I think Brazil authority did fantastic. It will creat positive impact on cryptocurrency market. And i also think gradually most of the countries will allow cryptocurrency mainly Bitcoin will allow cryptocurrency. We know that El Salvador also legalized Bitcoin. And now Brazil did it, i think gradually good time is coming for cryptocurrency market.

This time is very friendly to bitcoin as positive news are flying everywhere in the internet. It is not only about individuals now or institutions but now countries are diving into bitcoin and it is right time for individuals to occupy a good place in the bitcoin space.

Brazil has done good but as I said earlier, using bitcoin for salaries won't increase the price of bitcoin, but the strategic reserve will do more.

[Basedjack]

It is an exciting topic that Brazil will use Bitcoin as a digital asset. The current Bitcoin addition stands out as more exciting than the news of the bill. Bitcoin can be used in investment as well as in consumption. Bitcoin is able to move a country forward economically. It allows employees to use Bitcoin and other digital assets as remuneration. I think if Bitcoin is legalized in all countries, it will be able to move forward economically.

[Freemind]

It is an exciting topic that Brazil will use Bitcoin as a digital asset. The current Bitcoin addition stands out as more exciting than the news of the bill. Bitcoin can be used in investment as well as in consumption. Bitcoin is able to move a country forward economically. It allows employees to use Bitcoin and other digital assets as remuneration. I think if Bitcoin is legalized in all countries, it will be able to move forward economically.

The positive aspects are many and can be beneficial for Brazilian citizens, that's true, but we must look at what happened in El Salvador to analyze the mistakes...

While it's true that in El Salvador the Bukele government forced companies and small businesses to accept Bitcoin as a payment method, and in Brazil it could be used to pay workers' salaries, both cases are different, but they have something in common. If it's something imposed by obligation, it won't be successful, but if it's something presented to citizens as optional, it will probably work much better.

The path and the goal are the same, but how the government does it is what can change the game.

[bitterguy28]

The positive aspects are many and can be beneficial for Brazilian citizens, that's true, but we must look at what happened in El Salvador to analyze the mistakes...

While it's true that in El Salvador the Bukele government forced companies and small businesses to accept Bitcoin as a payment method, and in Brazil it could be used to pay workers' salaries, both cases are different, but they have something in common. If it's something imposed by obligation, it won't be successful, but if it's something presented to citizens as optional, it will probably work much better.

they presented bitcoin as a legal option but not a lot of people decided to bite on it because bitcoin no matter how much we dislike still is not preferred by average citizens that are not that rich and can’t afford to spend money on bitcoin’s fees and now el salvador is forced to make a deal to get a loan that requires them to take a step back with using bitcoin

The path and the goal are the same, but how the government does it is what can change the game.

el salvador is hoping to save their economy with bitcoin we need to see if brazil and el salvador has the same economic situations

[Rubel007]

I don't think the news of Bitcoin reserves has any value anymore, especially when it was revealed that the USA will not buy any new Bitcoins, will only reserve with confiscated Bitcoins. However, the news of paying salaries in Bitcoins in Brazil can definitely be more effective than that news. Because if it is implemented, the scope of Bitcoin in Brazil can be greatly expanded. Which will have a positive effect not only in Brazil but also in other countries of the world.