Brazilian Congressman proposes Crypto Payment for workers

[ultrloa]

Given how volatile most crypto is, it's not really the best thing to happen in my opinion, good thing that they made it a choice because if it becomes a mandatory thing, a lot of people will probably suffer when the prices are slashed in half because that's definitely going to happen. It's not a bad proposition but I think that there's probably other ways where they can make crypto a beneficial thing for them besides being an option as a payment for work.

This is not really a bad proposition but there's a risk on the implementation they do so hopefully they will make those worker understand on what they are accepting since letting them accepting it without prior knowledge on what payment processor they accept might cause a huge backlash to them. But I believe those government official knows on what they are doing and I'm curious to know the long term effect on this action they do.

[masterrex]

Cryptocurrency is increasingly getting into our everyday lives! A congressman in Brazil has recently proposed a bill to allow Brazilian citizens to choose whether to receive their payroll in cryptos or in fiat. If accepted, it will be an important step forward to total Bank independence.

Are you guys hoping for the same to happen in your country?

IMO, I guess not all cryptocurrencies are suitable to become a salary payment in my country, but I give a benefit of the doubt if it was a kind of stable coin that has cheap transaction fees because if it was a BTC or Ethereum it will not work because in their transaction fee alone it's already a disadvantage to the worker plus the volatility and fluctuation issues that might affect the value of the coin after it was sent that's why it much better if it was a stable coin to ensure its value.

[The Cryptovator]

If you ask me, I love to get a salary in Bitcoin or other established altcoins as payment. And of course, I will be the first who will congratulate the government if they decide to allow make a choice. No matter I don't have a job or not, but more people will be encouraged to use cryptocurrency if it happens. The world moving to digitalization, so as a part of that it's just a matter of time when we can accept Bitcoin for the monthly salary.

I would say this Congressman thinks if perfect at the moment.  Otherwise, we have to always depend on the centralized bank and we will not have the financial freedom to control our funds by ourselves. It's a good and real-time innovation IMO.

[Pmalek]

I keep wondering how is the situation of retirement pension deductions, life insurance, how will the person make a loan at the bank?

The coins can always be exchanged for fiat and deposited back into the bank on a monthly basis. In agreement with the bank of course. You can always mortgage your home if you own your own estate. Another option would be to take out a loan in fiat by depositing crypto as your collateral.

You have raised a good point but I think when Bitcoin will be accepted as a legal tender in any country  the Banks of the country will certainly come up by introducing new products in crypto likewise Fixed Deposits, Loans and many many mores to address all above issues raised in your post.

But the bill does not foresee that Bitcoin is accepted as legal tender. It just gives Brazilian citizens an option to be paid a certain percentage of their wages in crypto. That doesn't turn Brazil into El Salvador though.

[zaesvlas]

Do the workers need them? Before giving this opportunity to workers, they need to explain how to use it.

[flyer88]

the proposal for payment of work using crypto currency has become commonplace if it is only a proposal, we want a certainty that this can be realized immediately as did the state of El Salvador which makes payments using bitcoin widely in the country This is not only for the workers, but we really hope that this is not just a discourse about the proposals that will be made for workers in Brazil.

[ene1980]

Do the workers need them? Before giving this opportunity to workers, they need to explain how to use it.

It is just a proposal and they are not forcing everyone to take payment in cryptocurrency. It is an option for anyone who wish to accept in cryptocurrency to hold them it is individual choice. When i hear these development my immediate thinking would be what happens to the new users who accept payment when the market is at an all time high and the market goes for a major correction. So there are many cons and pros to the proposal.

[Evgenklm]

of course, this pleases, but I would like it to be in our country, and it is far from that, in our countries they want control over the money supply, and it will be difficult with bitcoin, so for now I do not hope for it.

[Emitdama]

Cryptocurrency is increasingly getting into our everyday lives! A congressman in Brazil has recently proposed a bill to allow Brazilian citizens to choose whether to receive their payroll in cryptos or in fiat. If accepted, it will be an important step forward to total Bank independence.

Are you guys hoping for the same to happen in your country?

In this bullish year, we have started to hear lots of such great news happening around the world because bitcoin started to hit mainstream media which must be the biggest differences than what we had in the previous bull run.  I am expecting more such exciting news will be arriving in next few months so that bitcoin will be getting into FOMO which might take bitcoins into half a million dollars value also.

In my country already lots of people started using and investing with bitcoin regardless of what kind of stand my government is going to take against cryptocurrencies.

[dupee419]

In my opinion, this is perfect for Brazil and its citizens, Brazil isn't the brightest country we can think of when it comes to economy, and as a 3rd world country, I think this is actually a good idea, I'm pretty sure that their workers will choose Bitcoin as the currency of choice as it will be very profitable for them when the value goes higher. I sure do wish that there will also be implementations like this here in my country.

[AmoreJaz]

In my opinion, this is perfect for Brazil and its citizens, Brazil isn't the brightest country we can think of when it comes to economy, and as a 3rd world country, I think this is actually a good idea, I'm pretty sure that their workers will choose Bitcoin as the currency of choice as it will be very profitable for them when the value goes higher. I sure do wish that there will also be implementations like this here in my country.

we can't assume that all will agree with this proposition but the government should also offer like certain percentage of their salary into crypto, not all in crypto or all in fiat. because if they will allow even small percentage to be converted into crypto, high likely that some will avail the offer. but if it is all crypto, i don't think a lot will favour this move. but let us see how they will finalise this initiative.

[dunfida]

In my opinion, this is perfect for Brazil and its citizens, Brazil isn't the brightest country we can think of when it comes to economy, and as a 3rd world country, I think this is actually a good idea, I'm pretty sure that their workers will choose Bitcoin as the currency of choice as it will be very profitable for them when the value goes higher. I sure do wish that there will also be implementations like this here in my country.

we can't assume that all will agree with this proposition but the government should also offer like certain percentage of their salary into crypto, not all in crypto or all in fiat. because if they will allow even small percentage to be converted into crypto, high likely that some will avail the offer. but if it is all crypto, i don't think a lot will favour this move. but let us see how they will finalise this initiative.

They should really need to hear out workers words about this thing whether they do like it or not because if they would impose it out directly and majority of those workers do still prefer fiat then such changes would be useless but somehow this do spread awareness on how crypto works
in terms of payment system.

Its really good to see that we are taking slow step by step when it comes to recognition or applying its real use case on different manner
and industry which does indicates that we are really heading on bigger adoption in near future.

[Oceat]

Given how volatile most crypto is, it's not really the best thing to happen in my opinion, good thing that they made it a choice because if it becomes a mandatory thing, a lot of people will probably suffer when the prices are slashed in half because that's definitely going to happen. It's not a bad proposition but I think that there's probably other ways where they can make crypto a beneficial thing for them besides being an option as a payment for work.

This is not really a bad proposition but there's a risk on the implementation they do so hopefully they will make those worker understand on what they are accepting since letting them accepting it without prior knowledge on what payment processor they accept might cause a huge backlash to them. But I believe those government official knows on what they are doing and I'm curious to know the long term effect on this action they do.

The government should explain to their employees/workers if they do need this kind of payment where one of the risk factor is the volatility of the market. This kind of proposition will need some time to think properly I guess because I think this is the first time I've heard a workers would accept crypto for their salary. I do hope most of them realized what are the pros and cons of having a crypto and not just blindly accept it because they say so.

[naira]

Are you guys hoping for the same to happen in your country?

I wouldn't have high hopes even though both developed and developing countries have started proposing Bitcoin or cryptocurrency payments for employees. Because in my country not all workers like crypto, some will refuse maybe the rest who like crypto can do the same thing as in Brazil.

Another problem is that in each country, crypto is still lucky to be given space, although not as widely as in countries where Bitcoin is legal. So it's just an investment alternative, it's more than enough so we don't have to worry about what China is doing to close everything related to cryptocurrency transactions for its people.

[stompix]

I keep wondering how is the situation of retirement pension deductions, life insurance, how will the person make a loan at the bank?
let's imagine that someone has a salary of $500 per month, this person receives his salary in the bank and thanks to that he can borrow in the bank of $5000 and the bank will deduct $130 from his salary per month for 5 years.
if that same person receives his salary in bitcoin then he will not be able to borrow from the bank to pay with salary, unless he has other businesses

It changes nothing.
You still get paid a sally of $500 a month, you decide to take half in BTC or all of it you will still have to pay 130$ to the bank.
The bank doesn't care in what currency you take your wage, it cares how much your employee pays you based on your work contract, so he could have a secret deal with you and pay you in cabbages the bank would till see that you earn 500$ and you owe each month $130 which will be deducted before the actual payment.

Nothing special really, a lot of banks in European countries issue loans in euros or swiss franks even in countries who are outside the eurozone.

[blatchcorn]

I keep wondering how is the situation of retirement pension deductions, life insurance, how will the person make a loan at the bank?

For now they are only offering salaries in BTC.

I have a different perspective on this, while many are praising this idea I think due to high price volatility its not a good idea to have your salary in BTC. Because you have to convert that BTC in fiat at some point for your daily living. We are dependent on our salaries for our daily livings (to pay bills, to buy groceries etc.). How about getting a salary of 500$ and in the evening you get to know its 450$ (due to Musk tweet).

[Mahiyammahi]

Yeah It will be great if this kind of proposal makes someone in my country. Although my government declared it's illegal for money laundering.

But my question is how bank will pay someone if worker's are interested to take their salary ? As a example if a workers salary is $500 then if his payment method is crypto will they hold his money as crypto or as fiat? Cause if bank gives him salary according to fiat then I think there's won't any price drop or raised.

If majority banks are accepting this method in near future will there be any market manipulation by wealthy banks or syndicate. I'm asking about a sudden bull run and a everest drop.

In 2020 there was a time seen in market named by kangaroo jump. I'm thinking about this in a large scale.

[ringgo96]

If this can be well received by brazilian citizens then this will be the country that uses crypto next, and this will have a weak impact on fiat currencies in the country later, everyone who receives a salary with bitcoin must be very high, and most importantly they already know the use of crypto well so that their needs can pay with bitcoin and know how to store their assets well.

[avikz]

Cryptocurrency is increasingly getting into our everyday lives! A congressman in Brazil has recently proposed a bill to allow Brazilian citizens to choose whether to receive their payroll in cryptos or in fiat. If accepted, it will be an important step forward to total Bank independence.

Are you guys hoping for the same to happen in your country?

Getting salary in a volatile currency like bitcoin, is a very risky proposition. I know it can be extremely rewarding as well if the price increases but considering the price fluctuation, it is risky.

Personally I wouldn't prefer to get my salary in bitcoin. But given a chance probably 20% of my salary can be given in bitcoin and rest should be in fiat. This will ensure that my ingoing liabilities are met and also I will get the chance to save in bitcoin.

Having 100% of my salary in bitcoin or in any other crypto is a big no no.

[haasanjui]

A brazilian man, whose name is MP Luizão Goulart. He is congressman he propose  a bill to legalize Crypto Currency and make it source of sellary to give workers of private and government.