Federal Representative Luisao Goulart, a member of the Brazilian Congress, has proposed a bill to legalize cryptocurrency payments as a payment method for public and private sector workers.
Goulart’s proposal seeks a new law that would allow all Brazilian workers to have the option of asking employers for wages in cryptocurrency. However, the bill guarantees that cryptocurrency payments are made only after a reciprocal agreement between workers and employers is sold. According to the translated version of the invoice:
“Percentage limits for payment (bonus) in cryptocurrency will be the choice of the worker freely. Any imposition by the employer is prohibited.”
The bill highlights the evolution of finance – from the barter system to fiat currencies to Bitcoin (BTC) – with a focus on the aspect of decentralization, eliminating reliance on a “single person or central entity”.
If signed into law, the Goulart bill would establish a consensus among workers and employers to pre-set wage percentages in cryptocurrencies and securities. According to Goulart:
“Most importantly, the proposal will help cooperate in solving the ‘cash’ problem for federal, state and municipal governments by offering alternatives to payment and, at the same time, moving the giant market economy that lies ahead.”
While seeking approval of the proposal, Goulart referred to the need to create a “global economy that facilitates the daily lives of citizens and provides a good quality of life for all.” The bill will be passed into law 90 days after the date of approval.
Related: Brazil aims to toughen penalties for crypto-related financial crimes
The Brazilian Special Committee of the Chamber of Deputies recently approved a bill to punish crypto-related financial crimes.
Recent regulatory amendments have tightened the penalty for money laundering in addition to raising the minimum prison sentence for similar offences. As Cointelegraph reported, the penalty was increased from one-third of the amount of money laundered to two-thirds while prison terms were increased from 10 years to 16 years and eight months.
“With the lack of regulation, people have nowhere to turn. The market will advance and adapt in Brazil. There will no longer be beneficiaries who use technology to deceive millions of Brazilians,” according to Federal Deputy Oero Ribeiro.