Brazil is making strides toward the integration of Bitcoin into its economy. The National Congress has recently introduced a new measure that aims to enable employees to receive a portion of their salaries in cryptocurrency.
Luiz Philippe, a former federal deputy from Orleans-Braganza, has proposed a measure that could potentially establish Brazil as one of the few countries to acknowledge Bitcoin for payroll payments.
Proposal Allows Up To 50% Salary In Bitcoin
According to the measure, staff members could get up to half of their pay in Bitcoin or other cryptocurrencies. Still, this would be only possible if the employee and the company agree. The remaining sum must be paid with Brazilian real (R$), therefore ensuring that the national currency stays in circulation.
Excluded from the proposal are freelancers, expatriates, and self-employed people; it is meant for formal employment contracts. The proposal offers a legal framework for anyone who choose to offer Bitcoin payments even though it does not require businesses to do so.
Brazil to pay wages & labor rights in $BTC & other cryptocurrency if bill by @lpbragancabr passes through.
Rules:
• companies must provide detailed statements
• employer + employee must both agree
• min. 50% of wage in national currency (except freelancers)
• employee may… pic.twitter.com/Eh1mSJe5pr— Rug Radio (@RugRadio) March 14, 2025
Approval Process Could Take Time
The measure has to pass Brazil’s parliamentary process before it becomes official. If approved by the Chamber of Deputies, the Federal Senate must then review it. Once both chambers give their nod, it will be sent to the president for final evaluation.
As with other related measures, the timeline for this process is not clear. Concerns about regulations, the economy, and political discussions could slow down or speed up the progress of this plan.
Brazil’s Crypto Market Growing
Brazil has established itself as a leader in the adoption of cryptocurrency. Big platforms like Binance have been given licenses to operate in the country and enjoy the government’s crypto-friendly rules. The central bank has also been working on a digital version of the real, which shows that they are interested in digital assets in a bigger way.
By attracting foreign investors and giving workers more payment options, the measure has the ability to improve Brazil’s cryptocurrency economy. But naysayers argue that price volatility and a lack of broad acceptance would limit the proposal’s efficacy.
Implications For Businesses And Workers
The plan could let employees choose to get their pay digitally, which would be a new way to save money. Others could choose to do things the old-fashioned way, even though this plan might work for some. Companies will have to think about whether accepting Bitcoin as payment is a good idea, given the costs and limits.
Featured image from BBC, chart from TradingView
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