Bitcoin's mainstream adoption has been on the rise and while we've heard about Miami mayor Francis Suarez proposing the idea of citizens paying taxes in BTC, reports suggest that Brazil's new draft bill will allow workers to accept Bitcoin as their salary. MP Luizão Goulart, a Brazilian congressman, has proposed a bill to legalise cryptocurrency as a form of payment for workers in the public and private sectors. If the bill does get cleared, Brazil could become only the second country to approve Bitcoin as legal tender, after El Salvador.
As per a report by CoinTelegraph, the Brazilian congressman's draft bill which was presented to the country's Deputies Chamber, targets a new law that allows all Brazilian workers to have the option of asking employers for compensation in cryptocurrencies. But the bill warrants crypto payments to be made only after a mutual agreement has been reached between the workers and the employer. The translated version of the bill reads, "The limits of the percentage of payment (remuneration) in cryptocurrencies will be of the worker's free choice. Any imposition by the employer will be prohibited."
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."
At the moment it's not clear if the proposal will be accepted; however, a nationwide poll from September, a study conducted by Sherlock Communications (via Bitcoin Magazine), shows that 48 percent of Brazilian citizens are in support of making Bitcoin the legal tender. The same report also noted that that there are over 1.4 million Bitcoin and cryptocurrency users in Brazil, as well as 21 BTC ATMs.
Goulart, meanwhile, is sure that creating a global economy is necessary for improving the quality of life for everyone. The proposed bill is supposed to be passed into law after 90 days from the date of approval.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.