A new bill has been introduced in Congress to regulate the payment of wages and other labor-linked obligations using bitcoin in Brazil. The bill, titled “Regulation of the Payment of Salaries, Remunerations, and Labor Benefits with the Use of Virtual Assets,” opens the door for workers to legally receive part of their salary in bitcoin or another virtual asset.

Introduced and sponsored by Luiz Philippe de Orleans e Bragança, the bill will need to be analyzed and pass the scrutiny of the Chamber of Deputies, which will decide if the project advances further to the Senate.

If passed, workers might be able to receive up to 50% of their wages in bitcoin, provided there is mutual acceptance from both workers and employers. The value of the assets will have to be certified by an entity authorized by the central bank.

Nonetheless, full payment of wages in bitcoin is prohibited, as the bill stipulates that at least 50% of these payments must be settled in national fiat currency. The proposal also requires companies to present detailed payment statements and educate workers about market volatility and transaction security when using crypto assets.

According to Livecoins, De Orleans e Bragança believes these changes are necessary to integrate Brazil into the digital finance landscape, aligning local regulations with what countries like Portugal, Japan, and Switzerland already offer.

He also remarked that this might entice financial companies to invest in the country, boosting innovation and giving workers more freedom to decide how to receive their wages. This, along with the implementation of stablecoins, which are very popular in Brazil, could provide workers with a hedge against devaluation and inflation.

However, the bill is still in its initial phases, and it remains to be seen whether lawmakers will take a favorable stance toward the proposal.

Read more: Yougov Poll Reveals Nearly 15% Would Switch Their Bank Accounts for Crypto in Brazil

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