Thursday, October 28, 2021
Home Crypto News Market A New Bill Submitted By Argentine Lawmaker Propose Bitcoin Salaries

A New Bill Submitted By Argentine Lawmaker Propose Bitcoin Salaries

- Advertisement -

Argentine lawmaker introduced a bill that will allow workers to receive salaries in Bitcoin.

Read: Allied Payment Network Partners With NYDIG To Put Bitcoin On Their Balance Sheet


 

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.

Read: Bitcoin Mining Difficulty Gets Biggest Drop In BTC History

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,”

 

Under the proposed bill, workers can choose whether to receive full or partial pay in cryptocurrency.

Read: Bitcoin Mining Firm Argo Blockchain Is Looking At A Secondary Listing On Nasdaq

Those Argentines who work abroad will not have to convert their earnings into pesos upon returning home.

stromgain

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.

- Advertisement -
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Shiba Inu Surpasses Dogecoin For The First Time Ever, Shib Becomes First Meme Token To Live Up To The ‘DOGE Killer’ Title

Shiba Inu is now officially the biggest canine coin after surpassing Dogecoin. window.coinzilla_display = window.coinzilla_display || ; ...

MoneyTree Announces the Launch of its NFT Store on Lootex

London, England / October 27, 2021 / MoneyTree, a truly deflationary and fully decentralized gaming token, announced the launch of its NFT store on...

Dubai Financial Regulator Approves Bitcoin Fund Which Is First Registered Product Of Its Kind In The Middle East

Launched by Canadian firm 3iQ Digital Asset Management, the Bitcoin Fund (QBTCu.TO) is the first registered product of its kind in the Middle East.

DOGE Lost Its 9th Position & Slips to 10th By Means of Market Capitalization, Is DOGE Going to Dump and SHIB Going to Pump?

USD Coin (USDC) has just surpassed doge by means of market capitalization. DOGE is standing at $31,026,080,066. ...

TurboXBT Is Introducing Short-Term Synthetic Digital Asset Trading

TurboXBT is delighted to introduce a next-generation cryptocurrency trading experience for both professional and beginner users. By leveraging short-term contracts of synthetic assets in...

Brazilian Giant 99 To Enable Bitcoin Trading On Their 99Pay App

Coindesk report Brazilian 99Pay wallet users will be able to make commission-free transactions in bitcoin. Read: FDIC Chairwoman Says US Regulators Are Exploring Policies For...

Tiki Token is waiting for you – Get it for automatic BNB Rewards

Let’s get things straight.  There are over 10,000 cryptocurrencies out there, at least according to Planet Crypto. But let’s be honest, most of them are...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.