Brazil’s Proposed New Law Could Allow Workers to be paid in Bitcoin

Brazil’s proposed new law

November 6, 2021

Reading Time: 2 minutes

Workers in Brazil could be paid in Bitcoin if the new proposed law comes to pass. Brazil’s Deputy Luizao Goulart presented the draft Bitcoin law to the Chamber of Deputies.

Brazil to Follow in the Footsteps 

Leading cryptocurrency Bitcoin has reached new heights this year. Bitcoin’s boldest move was when El Salvador granted it legal tender. Brazil could be the latest country to follow in the footsteps of El Salvador.

In the Brazil’s proposed new law, Deputy Luizao Goulart refers to Bitcoin as the natural evolution of money. Goulart starts by declaring money as the greatest creations in the history of humankind. The money allowed humankind to rise from a primitive barter-based society to an extremely complex and productive society.

According to Brazil’s Deputy Luizao Goulart, Bitcoin has exceeded the basic properties of traditional money. The leading cryptocurrency has gone beyond divisibility, durability, scarcity, salability across time and space to a completely new paradigm on the history of money.

It is also quite convenient that Bitcoin’s founder Satoshi Nakamoto brought out the cryptocurrency after the financial crisis o 2008. Money had failed the people at that time. For this reason, in Bitcoin’s white paper, Satoshi presents the need for a digital monetary system.

There have been increased talks for crypto regulation in Brazil. A commission has already approved a report for a plenary vote to regulate digital currencies in Brazil.

Unlike El Salvador, the Bitcoin Law in Brazil would be Optional

Brazil’s Deputy Luizao Goulart’s proposal concerning digital currencies with Bitcoin as their reference. It states that “part of the worker’s remuneration may, optionally, be paid through cryptocurrencies.”

Brazil’s proposed new law specifies that it would be optional for the workers and not mandatory. The clarification will avoid the predicament presented by El Salvador’s Bitcoin law citizens are facing right now. Even though President Bukele said, it would be optional for businesses to accept Bitcoin as payment, granting the cryptocurrency legal tender suggest it is a mandatory rule.

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