Brazilian Lawmaker Proposes Bill to Allow Salary Payments in Bitcoin

In Brief:

A new Brazilian bill proposes allowing workers to receive up to 50% of their salaries in Bitcoin or other cryptocurrencies.

The bill aims to boost Brazil’s position as a digital asset hub while maintaining the use of the national currency.

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Former federal deputy Luiz Phillipe of São Paulo has submitted a bill to the Brazilian Congress advocating for salary payments in Bitcoin and other cryptocurrencies. If passed, the bill would allow employees to receive up to 50% of their wages in digital assets, while ensuring that the other half remains in Brazilian reais to uphold the stability of the local currency.

The proposal does not mandate Bitcoin acceptance but provides a legal framework for crypto-based salary payments, particularly benefiting freelancers, foreigners, and self-employed individuals. Phillipe believes this legislation will attract foreign tech investments and strengthen Brazil’s role as a global crypto hub. The bill must pass a plenary session and receive majority approval before advancing to the Federal Senate for a final decision.

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