Brazil introduces new bill to legalize salary payment in Bitcoin

[Kemarit]

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.

Really depends on the population, maybe when El Salvador introduce it, the citizens are not ready that's why it didn't get any traction. Although I believed that as time passes by, El Salvadorian fight it good to used Bitcoin as payment scheme or even as a salary as they can take advantage of it's volatility to make profits.

As for the Bitcoin reserves, I guess it's just another term for countries that have been holding Bitcoin for many years so I don't know if it will have a big impact. Because the last time we have seen, the US says that they will hold their Bitcoin as a reserve but it didn't have any positive effect on the market.

[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.

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 get your point, although BTC adaption is limited as investment purpose. But can you share example of innovation we can see if more country adopt BTC?

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.

70%? If this bill is passed, i would be surprised if more than 10% worker agree to get part of their salary in Bitcoin.

[Faisal2202]

I get your point, although BTC adaption is limited as investment purpose. But can you share example of innovation we can see if more country adopt BTC?

Well, there can be many innovations in financial, global trade, and taxation systems, etc. I was talking about future innovations if the reserve thing becomes real, so we can even see less restrictions by authorities thus we can see more autonomous tools, and more projects with different narratives will be there due to a friendly environment. (That's what I meant by new innovations). If we want to go deep, maybe innovations to safe BTC from QCs but yeah even without reserve thing it will happen but if BTC becomes a reserve coin for USA, then they have to make sure that developers do the upgrade.

70%? If this bill is passed, i would be surprised if more than 10% worker agree to get part of their salary in Bitcoin.

Haha, well your stats are even better, not even 10% would want that haha.

[Freemind]

Interesting. I don't know if this proposal will be accepted or not in order to move forward, but what I am sure of is that it will be a good option to give more visibility to Bitcoin and allow people (who have previously accepted it) to receive their salaries in Bitcoin. It would also be interesting to give citizens who agree to receive their salaries in Bitcoin the option to choose the percentage they want to receive in Bitcoin. This would give them much more freedom, and thanks to this flexibility, more people would be interested.

Let's hope the proposal is a success and that other countries' governments can do the same in the near future.

[Z-tight]

It would also be interesting to give citizens who agree to receive their salaries in Bitcoin the option to choose the percentage they want to receive in Bitcoin.

i don't think it is bad to keep it at 50%, some people may not understand BTC well and go for 100% of the salary to be paid in BTC and if this happens and the price falls, they start crying about that. If it is implemented, being able to receive up to 50% is great in my opinion.

[Mia Chloe]

Interesting. I don't know if this proposal will be accepted or not in order to move forward, but what I am sure of is that it will be a good option to give more visibility to Bitcoin and allow people (who have previously accepted it) to receive their salaries in Bitcoin.

Well aside from the debate of if it would be accepted or not , it may not be as effective as some persons imagine it. This is because it wouldn't really count if a person who lives off that salary is paid in bitcoin because he would end up converting it to fiat in no time to be able to spend from it.

However it would probably make more sense if it was more like a side hustle where the salaries would seem like a straight up investment, something like the DCA infact.

[Brijesh]

Its good thing but its hard for everyone to convert in fiat because everyone may not know about bitcoin and also hard him to convert in fiat, also its hard for shop keepers to accept crypto.

[Z-tight]

Its good thing but its hard for everyone to convert in fiat because everyone may not know about bitcoin and also hard him to convert in fiat, also its hard for shop keepers to accept crypto.

I am having a hard time understanding what you are saying, we are talking about workers receiving 50% of their salaries in BTC, if the bill eventually turns into law. Nobody is going to be compelled to receive their salary in BTC, it has to be upon agreement between employer and empoyee. It is also easy to trade BTC for fiat in an exchange, the only thing to consider is fees.

[Gposas]

Its good thing but its hard for everyone to convert in fiat because everyone may not know about bitcoin and also hard him to convert in fiat, also its hard for shop keepers to accept crypto.

It takes those workers who knows about crypto to accept BTC for salary payment. Besides, it's not a do or die affair, it's something which the employee/employer has to agree upon, if any of the workers seem it useless paying them with BTC then they can ask for fiat payment.

According to the news, it's not a law that they must be paid in Bitcoin, rather it's a choice of the employee to accept or reject the offer from their employers.

[electronicash]

Its good thing but its hard for everyone to convert in fiat because everyone may not know about bitcoin and also hard him to convert in fiat, also its hard for shop keepers to accept crypto.

It takes those workers who knows about crypto to accept BTC for salary payment. Besides, it's not a do or die affair, it's something which the employee/employer has to agree upon, if any of the workers seem it useless paying them with BTC then they can ask for fiat payment.

According to the news, it's not a law that they must be paid in Bitcoin, rather it's a choice of the employee to accept or reject the offer from their employers.

even if the government mandates its employers to pay in BTC, the employees will complain about the BTC transaction fees.  why should they should all these troubles when the fiat system works for them.

why don't they start like how the El Salvador did it. give away BTC worth $30 for anyone downloading their own Bitcoin wallet. see if the adoption takes place. maybe it will work for them as the biggest country in the Latin countries.

[Stuart]

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.

It is a very exciting news to hear so long as one is a crypto enthusiast and a lover of the crypto industry. But as a bill, it has to be voted for in other to be implemented into system. Now, as politicians with their different motives, does he have a good reputation among his people and trusted by his words when he speaks, or is he a regular politician, who uses every possible means to achieve his political ambitions? Cause this could have effect for accepting or declining the bill.

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.

[Gposas]

Its good thing but its hard for everyone to convert in fiat because everyone may not know about bitcoin and also hard him to convert in fiat, also its hard for shop keepers to accept crypto.

It takes those workers who knows about crypto to accept BTC for salary payment. Besides, it's not a do or die affair, it's something which the employee/employer has to agree upon, if any of the workers seem it useless paying them with BTC then they can ask for fiat payment.

According to the news, it's not a law that they must be paid in Bitcoin, rather it's a choice of the employee to accept or reject the offer from their employers.

even if the government mandates its employers to pay in BTC, the employees will complain about the BTC transaction fees.  why should they should all these troubles when the fiat system works for them.

why don't they start like how the El Salvador did it. give away BTC worth $30 for anyone downloading their own Bitcoin wallet. see if the adoption takes place. maybe it will work for them as the biggest country in the Latin countries.

I see it as a pattern the Brazilian government wants to take to also express it's support for Bitcoin and Crypto at large, seeing the adoption of this digital asset by other nations.

Furthermore, the news explains that the bill has just been passed to the National Congress, so it's just on the first stage of evaluation, besides, the news article stated that the company will also provide education to the employees who will be willing to accept their salary in the form of a digital asset.
See quote below.

In the bill, Philippe mentioned that companies should provide detailed payment statements and offer financial education to workers who want to collect their salaries in digital assets. He added that they need to cover concepts like market volatility and transaction security. The project also ensures that labor and social security charges are calculated based on the total value of remuneration expressed in reais.

Probably, the employees must have understood any negative effect it would incure on them before accepting this pattern of payment, otherwise they prefer to stick with the traditional fiat payment method.
Since it's a choice.

[Asiska02]

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.

For this move and news publicly known, it is already a plus to bitcoin community and even though it is not passed and approved, it is likely going to be a positive trend and help in the development of bitcoin more in that region. The move of Trump is really making other country’s president taking a major shift and involvement in bitcoin. It may take time but soon we will see a good news from Brazil about bitcoin.

[Rruchi man]

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.

A development like this would bring a lot of exposure to Bitcoin among the workforce in Brazil, exposing them to Bitcoin and also the benefits involved. I think the option should be made for workers, that is, those who would want to receive the entirety of their salary in Bitcoins and those who would want to receive a percentage of it in Bitcoin, while those workers who will prefer receiving their salaries through the normal traditional method of using the traditional currency.

[joniboini]

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.