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- A Brazilian Federal deputy proposes a bill that allows Brazilian workers to seek remuneration in cryptocurrencies.
- The Bill highlights the evolution of finance.
A federal Brazilian deputy and Congressman, Luizao Goulart recently proposed a bill to make crypto payments as a legal tender for both public & private workers. If the bill is signed into law then workers will be able to receive their salaries & wages based on select cryptocurrencies.
The bill proposed by Goulart looks forward to a new law that allows all the workers to an open option where they can seek remuneration in cryptocurrencies from their employers However the transaction would only take place after both employer & employee have reached a mutual agreement
The mechanism of the bill is such that workers can also limit the percentage of the remuneration to be received in cryptocurrencies in ratioed to the fiat. However, employers will be prohibited from deciding such percentages.
Goulart also pointed out that such a proposal could solve cash problems of the federal, state & local governments by providing alternatives to payments at the same time moving a gigantic market economy.
The bill also highlighted the evolution of finance & how humanity progressed from barter systems to fiat currencies and how it will progress itself to cryptocurrencies like Bitcoin while highlighting the decentralization aspect of cryptocurrencies which inherently removes the dependence of one person or a body of the institution.
While requesting the approval of the law, Goulart stressed the need for a global economy that facilitates the daily lives of its citizens & promotes quality of life for everyone. If the bill is approved, it would take 90 days for it to be signed into law.
Such a proposal comes after the recent event where the special committee of the chamber of deputies decided to pass a bill that penalizes crypto-centric financial crimes. Such a move also gives hope to Goulart’s bill to accept cryptos as a means to remuneration.
The latest amendments by the regulatory body include the increase in hefty penalties in regard to the money laundering crimes committed through cryptocurrencies. This comes in addition to the previous versions which included minimum prison terms. The penalties of such crimes have been increased to two-thirds of money laundered from a minimum of one-third earlier. The prison terms have also increased to 16.8 Years from 10 years earlier
The Federal deputy Auero Ribero believes that the market will advance & adapt in brazil. Consequently causing the extinction of profiteers using crypto to deceive millions of Brazilians.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
