Bitcoin may only account for 50% of a salary payoutIn the proposed legislation, Orleans-Braganza asked lawmakers to prohibit employees from paying full salaries in crypto, capping such payments at 50%.“The payment of salaries exclusively in virtual assets is prohibited,” except for cases involving expatriate employees or foreign workers, under the terms of regulations by the Central Bank of Brazil.
Related: Brazil fintech unicorn Meliuz adopts Bitcoin treasury strategyThe proposal aims to follow successful crypto payment implementation in many global jurisdictions, including Switzerland, Japan and Portugal, Orleans-Braganza mentioned, adding:“In Japan, for example, legislation requires individual agreement between employer and employee, as well as specific guidelines for the conversion of the amounts paid.
In Portugal, regulation brought flexibility and drove the adoption of virtual assets in the financial sector.”While some global jurisdictions allow Bitcoin use in payments, many countries — like Turkey and Russia — prohibit citizens from using any cryptocurrency as a means of payment.
The story "Brazilian lawmaker introduces bill to regulate Bitcoin salaries" has 520 words across 19 sentences, which will take approximately 3 - 5 minutes for the average person to read.
Which news outlet covered this story?
The story "Brazilian lawmaker introduces bill to regulate Bitcoin salaries" was covered 1 days ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 353 news stories per day.
It's most recent story was published 8 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
