Federal Representative Luizao Goulart, a member of the Brazilian Congress, has proposed a bill to legalize payments using cryptocurrency as a method of payment for public and private sector employees.
Goulart’s proposal aims to pass a new law that will provide all Brazilian workers with the ability to require employers to receive payment in cryptocurrency. However, the bill guarantees that payments with cryptocurrency will only take place after a mutual agreement between workers and employers has been sold. According to the translated version of the invoice:
“Percentage limits for payment (bonus) in cryptocurrency will be at the discretion of the employee. Any order from an employer is prohibited. ”
The bill emphasizes the development of finance – from the exchange system to fiat currencies and bitcoins (BTC) – with a focus on the decentralization aspect and removes dependence on a “separate or central entity”.
If Goulart’s bill is signed, it will establish a consensus between workers and employers on the predetermination of wage percentages in cryptocurrencies and securities. According to Goulart:
“Most importantly, this proposal will help solve the ‘monetary’ problem for the federal, state and local governments together by offering alternatives to payments while stimulating the giant market economy that lies ahead.”
Seeking approval of the proposal, Goulart referred to the need to create a “global economy that will facilitate the daily life of citizens and ensure a good quality of life for all.” The bill will be passed 90 days after the date of the decision.
On the subject: Brazil seeks to increase fines for economic crimes related to cryptocurrency
A special committee of Brazil in the Chamber of Deputies recently approved a bill to punish economic crimes related to cryptocurrency.
Recent regulatory changes have tightened the penalties for money laundering in addition to increasing the minimum prison sentence for similar crimes. According to Cointelegraph, the fine was increased from one-third of the laundered money to two-thirds, and the prison sentence was increased from 10 years to 16 years and eight months.
“In the absence of regulation, people have nowhere to turn. The market in Brazil will evolve and adapt. There will be no more beneficiaries who use technology to defraud millions of Brazilians, ”said Federal Deputy Prime Minister Oero Ribeiro.