Goulart’s plan would create new legislation that would enable all Brazilian employees to request payment in cryptocurrency from their employers.
Federal Deputy Luizo Goulart, a Brazilian politician, introduced legislation to legalize cryptocurrency payments as a method of remuneration for public and private sector employees.
Goulart’s plan would create new legislation that would enable all Brazilian employees to request payment in cryptocurrency from their employers. However, the law requires that crypto payments be provided only when a consensual agreement between employees and employers is reached. According to the bill’s translated version:’
“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 law traces the development of finance — from barter through fiat currencies to Bitcoin (BTC) — with an emphasis on decentralization, which eliminates dependence on “a single person or central institution.
If enacted into law, Goulart’s bill would create a consensus between employees and employers over the ratios of pay paid in crypto and fiat. Goulart asserts:
“Most significantly, the plan would contribute to the settlement of the Federal, State, and Municipal governments’ “currency” problems by proposing payment alternatives and assisting in the transition to the massive Market Economy that lies ahead.”
Goulart noted the need to develop “a global economy that streamlines people’s everyday lives and ensures a high standard of living for everyone” in urging acceptance of the idea. After 90 days from the date of approval, the measure will become law. Brazil’s Chamber of Deputies’ Special Committee has adopted a law criminalizing crypto-related financial offenses.
Recent regulatory modifications raised the maximum punishment for money laundering and increased the minimum jail sentences for related offenses. As reported by Cointelegraph, the punishment has been raised from one-third to two-thirds of the amount of laundered money, while the maximum jail sentence has been increased from ten to sixteen years and eight months.
“Without regulation, individuals have nowhere to turn. Brazil’s market will develop and change. Profiteers will no longer be able to fool millions of Brazilians,” Federal Deputy Aureo Ribeiro said.
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