Cryptocurrencies are continuing to gain traction as a payment option by businesses and governments alike. Recently, Deputy Luizão Goulart of Brazil proposed a bill to allow public and private sector workers to be paid in bitcoin. If passed, this would be the biggest national move to support digital asset adoption since El Salvador’s legal tender law.
What’s in the Bill?
The bold bill – proposed earlier this week – comes amidst an ongoing regulatory debate in Brazil surrounding Bitcoin. The first lines of the bill state that workers may be 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.”
Notably, this bill emphasizes the optional nature of the proposal, in contrast to El Salvador’s approach. Nayib Bukele’s Bitcoin 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.
Instead, this law would allow employees to choose what exact percentage of their salary is received in crypto. The employer must also agree to the proposed remuneration.
The Importance of Bitcoin
Defending the bill, the deputy explained that adaptation is necessary during what he calls “the fourth digital revolution.” He discussed the significance of money itself, allowing humanity to escape a “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.
The deputy finished saying that 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.”
There is some evidence that Brazil would be welcoming to this proposal. A poll from September shows 48% of citizens in support of making Bitcoin their official currency. Like Goulart, citizens appeared most familiar with and interested in Bitcoin by far, compared to altcoins.