Argentine lawmaker introduced a bill that will allow workers to receive salaries in Bitcoin.
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Jose Luis Ramon, Argentina’s national deputy from the province of Mendoza, has introduced a new bill that, if passed, would allow workers to receive wages in bitcoin and other crypto.
Ramon argues that this initiative could preserve the purchasing power of employees while increasing their financial independence.
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He said on Twitter (Translated):
“I presented a bill so that workers have the option of receiving their full or partial salary in Bitcoin or other crypto. The idea is that they can strengthen their autonomy and conserve the purchasing power of their remuneration.”
“This initiative arises from the need to promote greater autonomy and governance of the salary, without this implying a loss of rights or exposure to situations of abuse within the framework of the employment relationship,”
Presenté un proyecto de ley para que los trabajadores en relación de dependencia y exportadores de servicios tengan la opción de cobrar su sueldo entero o parcial en criptomonedas. La idea es que puedan fortalecer su autonomía y conservar el poder adquisitivo de su remuneración👇
— José Luis Ramón (@JoseLuisRamonOk) July 6, 2021
Under the proposed bill, workers can choose whether to receive full or partial pay in cryptocurrency.
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Those Argentines who work abroad will not have to convert their earnings into pesos upon returning home.
Argentines faced a devaluation of the peso from $0.02 to $0.006 in just 18 months and an annual inflation rate higher than 40%. They are only permitted to buy up to $200 a month in dollars through official channels with an additional tax of 65% over the official quote.
Because of these restrictions, many Argentines have started to adopt stable cryptocurrencies such as DAI, whose volume has already grown at least sixfold this year, according to information provided by local crypto exchanges SatoshiTango, Decrypto and Ripio.
To avoid the switch to Argentine pesos, many exporters receive their payments in cryptocurrencies.
Due to economic turmoil, Argentina ranks high in the mass adoption of crypto, along with other Latin American countries such as Venezuela, Brazil and Peru.
As previously reported, the El Salvadorian government also discussed the issue of paying employees in Bitcoin in June.