Brazil’s Federal Deputy Proposed Crypto Payment Options For Workers

Brazil’s federal deputy proposed a new crypto payment option for the workers in the country and hopes his proposal will become law so let’s read more about it in our latest cryptocurrency news.

Brazil’s federal deputy Luizao Goulart proposed a new bill that aims to legalize crypto payments as a mode of payment for public and private sector workers. Goulart’s proposal seeks a new law that will allow the people of Brazil to choose crypto and request employers for remuneration in crypto but also the bill warrants crypto payments to be made after selling a mutual agreement between employers and workers. According to the translated version of the bill:

“The limits of the percentage of payment (remuneration) in cryptocurrencies will be of the worker’s free choice. Any imposition by the employer will be prohibited.”

The bill outlined the evolution of finance from a barter system to a fiat currency and all the way to Bitcoin that is focusing on the decentralized aspect, which removes the reliance on the single person or a single entity. If signed into law, Goulart’s bill will establish a consensus between the workers and the employers for predetermining the percentage of remuneration in fiat and crypto:

“Most importantly, the proposal will help collaborate in the resolution of the “cash” problem of the Federal, State and Municipal governments by offering payment alternatives, and at the same time, moving a gigantic Market Economy that lies ahead.”

While requesting the approval of the proposal, Goulart cited a need to establish a global economy that will facilitate the daily lives of citizens and will provide a good quality of life for everyone. The bill could be passed into law after 90 days from the approval date. Brazil’s Special Committee of the chamber of Deputies allowed a bill to penalize crypto-related crimes and with the latest regulatory amendments increasing the penalty for money laundering, the regulation of the sector is only enhancing.

The penalty increased from one-third of the amount of laundered money to two-thirds while the prison times increased from 10 years to 16 years and eight months.
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Federal Deputy Aureo Ribeiro noted:

“With the lack of regulation, people have nowhere to turn. The market will advance and adjust in Brazil. There will no longer be profiteers using technology to deceive millions of Brazilians.”