A law has been introduced by Federal Deputy Luizo Goulart, a Brazilian legislator, to legalise crypto payments as a form of remuneration for public and private sector personnel.
Goulart’s plan calls for a new law that would allow all Brazilian workers to request payment in cryptocurrency from their employers. The law, on the other hand, requires that crypto payments be available only when a consensual agreement between the workers and the employer takes place. The bill’s translation reads as follows:
“The percentage of payment (remuneration) in cryptocurrency will be finite to the worker’s discretion. Any employer-imposed restrictions shall be prohibitive.”
The bill shows how finance has progressed from barter through fiat currency to Bitcoin (BTC). Concentrating on decentralisation, which eliminates reliance on “a single person or a central body.”
If passed, Goulart’s bill will create a consensus between employees and employers on the percentages of pay paid in crypto and fiat. Goulart claims that:
“Most significantly, the idea would aid in the collaboration of the Federal, State, and Municipal governments in resolving their “cash” problems. By providing payment alternatives, while also developing a massive Market Economy that lies ahead.”
Global economy that improves individuals’ everyday lives
Goulart noted the necessity for “a global economy that improves individuals’ everyday lives. As well, ensures a good quality of life for everybody” while proposing that the plan acquires approval. After 90 days from the date of approval, the bill will be signed into law.
Likewise, Brazil’s Special Committee of the Chamber of Deputies just adopted a law to punish crypto-related financial crimes.
Money laundering penalties surged considerably. As have the minimum jail sentences for related offences, as a result of recent regulatory changes. Significantly, the punishment has been twofold from one-third to two-thirds of the laundered money. And the jail period extended from ten years to sixteen years and eight months.
“People have nowhere to turn due to a lack of regulation.” In Brazil, the market will rise and fall. According to Federal Deputy Aureo Ribeiro, profiteers would no longer use technology to fool millions of Brazilians.