Goulart’s proposal seeks a new law that allows all Brazilian workers to have an option to request they are paid by their employers in cryptocurrencies instead of in their current fiat currency, the Brazilian Real (BRL) . However, the bill warrants crypto payments to be made only after selling a mutual agreement between the workers and the employer. 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 highlights the evolution of finance — from a barter system and fiat currencies to Bitcoin (BTC) — focusing on the decentralization aspect which removes the reliance on “a single person or a central entity.”
If signed into law, Goulart’s bill will establish a consensus between the workers and the employers for pre-determining the percentages of remuneration in crypto and fiat. According to Goulart:
“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 the need to establish “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 after 90 days from the date of approval.
In a move to try to address some of the possible reasons for uptake in using cryptocurrencies, Brazil’s Special Committee of the Chamber of Deputies recently approved a bill to penalize crypto-related financial crimes, with the latest regulatory amendments increasing the the penalty for money laundering and raising the minimum prison terms for similar crimes.
The penalty has increased from one-third of the amount of laundered money to two-thirds while the prison times have been 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 adjust in Brazil. There will no longer be profiteers using technology to deceive millions of Brazilians,” according to Federal Deputy Aureo Ribeiro.