COINOTAG News, March 17. In a significant legislative move, former Federal Deputy of São Paulo, Luiz Phillipe, has introduced a bill to the Brazilian Congress aimed at formally recognizing Bitcoin and other cryptocurrencies as valid forms of salary and compensation. This innovative proposal allows employees the option to receive up to 50% of their wages in digital assets, while ensuring that the remaining portion is paid in traditional Brazilian real. This dual-structure is designed to strike a balance, helping to foster the adoption of digital currencies without undermining the stability of the national currency.
Notably, the bill does not impose an obligation for employers to accept Bitcoin but creates a legal basis for those wishing to transact in this burgeoning financial technology. Phillipe emphasized that this initiative could position Brazil as an attractive destination for foreign tech investments, empowering employees with greater flexibility in payment methods. To move forward, the proposal must navigate through the House of Representatives and secure a majority vote to reach the Federal Senate for ultimate approval.