Argentine Lawmaker Mulls Bitcoin Payments for Workers
Argentine lawmaker and member of the country's Chamber of Deputies, José Luis Ramón, wants workers to get paid in Bitcoin.
Why the Lawmaker Is Proposing Bitcoin Salaries
Ramón disclosed in a tweet that he had proposed a bill that would allow certain workers to have the choice of receiving full or partial salary payment in cryptocurrency if passed.
The proposed crypto bill applies to anyone who depends on an employer for income and workers in the exporting line dubbed “exporter of services,” according to local news outlet La Nueva Mañana.
The idea is that if workers who are into exporting are paid in crypto, they would not necessarily need to convert their income to Argentine pesos as they do with other foreign currencies.
Ramón is one of ten congressmen representing the province of Mendoza. He is also the leader of the Federal Unity for Development Alliance. The lawmaker said he believes that the initiative could preserve the purchasing power of employees while increasing their financial autonomy.
“The idea is that [workers] can strengthen their autonomy and retain the purchasing power of their remuneration. This initiative stems from the need to promote greater autonomy and governance of wages, without this implying a loss of rights or exposure to situations of abuse within the framework of the employment relationship.”
To be approved, the bill must be passed by both the Argentine Chamber of Deputies and the Senate. After this, it is then sent to President Alberto Fernández for final approval.
Argentina's Stance On Cryptocurrencies Amid Regulatory Clampdown
The proposed bill helps define where the country stands regarding Bitcoin and other cryptocurrencies in the market. It comes at a time where many regulators and lawmakers across different countries are trying to regulate crypto.
The US is one of the few countries that's considering regulating cryptocurrency. Washington began to give crypto a tough look following the recent ransomware attacks on different firms, including Colonial Pipeline.
Colonial Pipeline was attacked in May by Russian hackers, causing the company to shut down. This created fuel shortages in the Southeastern states and led to the company paying $4.4 million in ransom.
On the other hand, El Salvador is one country that has accepted Bitcoin wholeheartedly despite warnings of financial regulators and policymakers who say Bitcoin facilitates money laundering and other illicit uses.
The country recently passed a law adopting Bitcoin as legal tender. This law is scheduled to go into effect in September.
Last month El Salvador's Minister of Labor and Social Welfare Rolando Castro also announced that the government was discussing whether companies should pay their staff in Bitcoin.
Lawmakers in Brazil and Panama have also implied through their social media that they may push for forms of legislation supporting cryptocurrency.