TL;DR Breakdown
- Brazil legislator pitches proposal for workers to be paid in Bitcoin.
- Proposessysteic integration of Bitcoin payment for salary earners.
- Calls Bitcoin the fourth revolution.
Deputy Luizão Goulart, a Brazil legislator (member of Brazil chamber), has proposed a bill to allow public and private sector workers to be paid in bitcoin.
The Brazil legislator offers the government in the country an option to pay workers in fiat currencies. If the bill becomes law, it will become the biggest national move to support digital asset adoption after El Salvador’s legal tender law.
Content of Brazil Legislator’s bill
Goulart’s proposal comes amidst an ongoing regulatory debate in Brazil surrounding Bitcoin.
However, in his proposal, he asks that the system be integrated slowly with workers partially and optionally compensated for their work in crypto.
“This Law establishes that part of the remuneration of the worker can, optionally, be made through cryptocurrencies.”
This is unlike El Salvador’s approach, where Nayib Bukele’s law drew controversy for article 7 – a stipulation mandating that all businesses accept Bitcoin as payment, even though the president repeatedly said the BTC usage is optional.
The Brazil lawmaker, in his proposal, allows employees to choose what exact percentage of their salary is received in crypto. The employer must also agree to the proposed remuneration.
Lawmaker explains why Bitcoin is important
Defending his proposal, the lawmaker states that the adaptation is necessary for what he calls “the fourth digital revolution.”
He explained that fiat itself helped humanity escape “primitive barter society.” Goulart then argued that Bitcoin is the “antithesis of the current global financial system” as it does not rely on trust in financial institutions to operate.
He concluded by saying the future is in their hands. “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.”
