Brazil introduces new bill to legalize salary payment in Bitcoin

[Charles-Tim]

Of course you don't want to make a law that forces employers to pay their employees their salary in crypto currencies, because the vast majority of them still want to be paid in Brazilian Reals instead.

IMO not making it mandatory is good choice, since otherwise this bill would have much lower chance to be passed. As for 50% limit, the news state it's because comprise to make sustain their fiat currency.

This is exactly what I meant. That despite that it is not mandatory, it is a good development. People will even prefer it not to be mandatory. That is one of the freedoms that we need.

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.

It will help in bitcoin adoption. That is only what I see about its importance. Even some people that receive their salary in bitcoin may later convert their coins to fiat later just like how it is in El Salvador bitcoin remittance. Almost all remittance in bitcoin are converted to dollar.

[target]

This is the 2nd news I heard of a country from South America embracing crypto. I heard Bolivia was also using Bitcoin in international transaction of their government back oil company.

I think it won't be long these countries are going full blast in crypto that they will even accept altcoins such as XRP which was also added by Trump to their crypto reserves.

[robelneo]

Personally i find this news is more exciting than news about bill that add Bitcoin into government reserve, since it add Bitcoin use-case besides investment. Although i have doubt this bill could be passed that easily. Your opinion is greatly appreciated.

If ever this is implemented, it should be optional and mandatory because of Bitcoin volatility. Companies that will agree to use Bitcoin for their workers salaries should also institute a learning course on how cryptocurrency works its risks and benefits so the worker will be guided if they choose to receive their salary with Bitcoin.

[ABCbits]

Personally i find this news is more exciting than news about bill that add Bitcoin into government reserve, since it add Bitcoin use-case besides investment. Although i have doubt this bill could be passed that easily. Your opinion is greatly appreciated.

If ever this is implemented, it should be optional and mandatory because of Bitcoin volatility. Companies that will agree to use Bitcoin for their workers salaries should also institute a learning course on how cryptocurrency works its risks and benefits so the worker will be guided if they choose to receive their salary with Bitcoin.

I think you missed it, but the news did mention it's not mandatory.

Notably, the bill does not enforce Bitcoin acceptance but rather provides legal backing for residents working in the country who prefer exposure to the ever-rising technology. According to the bill, the payments in digital assets should happen after an agreement between the worker and the employer. This means that both parties can decide to terminate the use of the payment method at will.

[God Of Thunder]

Personally i find this news is more exciting than news about bill that add Bitcoin into government reserve, since it add Bitcoin use-case besides investment. Although i have doubt this bill could be passed that easily. Your opinion is greatly appreciated.

I was introduced to crypto because I wanted to make money online, and I needed to do some transactions as well. Getting a salary in Bitcoin will be the first crypto transaction for a lot of the employees. But I am afraid that they may not understand how it works. They should have a short session with the people about how Bitcoin works and what to do/not to do before they start sending Bitcoin. I know that it's not passed yet, but they should mention doing a session with the employees on the bill so it gets approved.

[Z-tight]

I am not sure if this bill will pass, as is always the case there will be more lawmakers against it than in support. However, it is not a bad idea for people who earn a lot of money, they can use 50% to dca BTC and live on the other 50%. However, for people who live on all of their salary, they will surely ignore this option even if it becomes available.

[KingsDen]

Brazil introduces new bill to legalize salary payment in Bitcoin


Personally i find this news is more exciting than news about bill that add Bitcoin into government reserve, since it add Bitcoin use-case besides investment. Although i have doubt this bill could be passed that easily. Your opinion is greatly appreciated.

To me, this is not exciting than having a bitcoin strategic reserve. According to the news, it is not compulsory for 100% of the salary to be in bitcoin and it is not also compulsory to pay in bitcoin. The idea could easily die off since there is no compulsion. Any adoption that is left in the hands of the citizens might likely not strive. Take El Salvador for instance.

Bitcoin strategic reserve and stockpile is the deal.

[Gposas]

Brazil introduces new bill to legalize salary payment in Bitcoin

Brazil may be the next in line to legalize salary payments in Bitcoin, after the National Congress received a bill pushing for the move. According to reports, Congress received a bill that will allow employees to take their salaries and other remunerations in Bitcoin and other digital assets... Read more here.


Personally i find this news is more exciting than news about bill that add Bitcoin into government reserve, since it add Bitcoin use-case besides investment. Although i have doubt this bill could be passed that easily. Your opinion is greatly appreciated.

This would be a good news if the bill is considered legal and becomes effective. It'll be a step forward for the global adoption of Bitcoin in most countries' national affairs in one way or another. Not all nations around the world could have probably kickstart the establishment of a Bitcoin Strategic Reserve just as the US and El Salvador but it's unfolding that different countries around the world is beginning to put an eye on crypto assets.

It is much better as a 50% payout for both the national currency and cryptocurrency. Putting to consideration the path of the employees in converting this digital asset to Fiat currency in settling some basic necessities and also considering the effects on the Nation's currency.
I guess it's a fairplay and I also hope to see a positive response from the National Congress.

[Z-tight]

According to the news, it is not compulsory for 100% of the salary to be in bitcoin and it is not also compulsory to pay in bitcoin.

Surely it cannot be compulsory, BTC is not a legal tender there and since it is not, you cannot make it a compulsory method of salary payment, it can only be optional. Just as BTC is not a legal tender anywhere, but there are merchants in many places of the world that accept BTC for people who wish to pay in it.

Bitcoin strategic reserve and stockpile is the deal.

Better for the price, but in terms of use case, this is better.

[TryNinja]

This could affect cryptocurrency prices because Brazil has a large economy. P.S. But usually these bills don't pass.

Brazil has a large economy mainly because we're big commodity sellers, like meat and soy. For tech or industries, we're way behind other richier countries, I'm not sure if the price would move because of this. Noawadays even the USA president talking crypto and signing orders to *not sell* btc is bad for the price.

[bitterguy28]

This could affect cryptocurrency prices because Brazil has a large economy. P.S. But usually these bills don't pass.

i mean we can be hopeful the fact that it is being proposed already means a lot and is a step forward it is definitely better than a country restricting all kinds of cryptocurrency uses the fact that they are discussing the use of crypto means that there is a possibility that there could be more laws to be passed in the future that would include crypto being used in their country

it would take quite a while though i would not expect for it to come into effect immediately this year

[ABCbits]

--snip--

To me, this is not exciting than having a bitcoin strategic reserve. According to the news, it is not compulsory for 100% of the salary to be in bitcoin and it is not also compulsory to pay in bitcoin. The idea could easily die off since there is no compulsion. Any adoption that is left in the hands of the citizens might likely not strive. Take El Salvador for instance.

I get your point, although forcing people to adopt something usually isn't good idea.

Bitcoin strategic reserve and stockpile is the deal.

That's true, if we talk about amount of Bitcoin that could be involved/circulated. But it's also another case of Bitcoin being HODL/used as investment, rather than as currency or payment option.

[KingsDen]

Bitcoin strategic reserve and stockpile is the deal.

That's true, if we talk about amount of Bitcoin that could be involved/circulated. But it's also another case of Bitcoin being HODL/used as investment, rather than as currency or payment option.

Lately, it seems that everyone is becoming truthful to themselves. That debate is gradually fading off as everyone is tilting towards HODLing and taking larger profits. In my early days in bitcoin, people glorify a few who uses bitcoin like a currency. But today, more and more accolades are given to the likes of Saylor.

[Faisal2202]

Personally i find this news is more exciting than news about bill that add Bitcoin into government reserve, since it add Bitcoin use-case besides investment. Although i have doubt this bill could be passed that easily. Your opinion is greatly appreciated.

I think otherwise, as reserve news is the biggest news and achievement for the crypto world, think for a second, a country, that powerful will adopt BTC and some other tokens, where crypto will go, and how many innovations we can see, while a country is just allowing people to get their salaries in BTC, I mean, how many people will just accept this offer.

I don't think more than 70% of the population will agree to take their salaries in crypto. Therefore the biggest news is the government reserve in compared to this salary thing. However this news is also bullish if the bill get passed.

[MrSpasybo]

Personally i find this news is more exciting than news about bill that add Bitcoin into government reserve, since it add Bitcoin use-case besides investment. Although i have doubt this bill could be passed that easily. Your opinion is greatly appreciated.

This is good news for BTC because the government can only tax BTC salaries when they recognize BTC's legality in the economy. However, I'm not sure if anyone in the market would want to pay and receive salaries in BTC, they're too used to fiat and often find BTC price too unstable to hold it outside of an investment portfolio.

I'm interested in the implications of this law: every citizen can own, invest, and trade BTC without being considered a criminal or facing serious criminal charges. Obviously, if this law passes, it will open the door for large capital inflows into BTC and crypto in this country. I can't assess its positive impact on the global crypto market, but at least we have an example of BTC acceptance and adoption for other governments to refer to.