Blockchain

Argentinean lawmaker proposes bill that would allow salaries in bitcoin

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Jose Luis Ramon, a member of the National Congress of Argentina, submitted a bill that if passed, would allow salaries to be paid in bitcoin.

The development was announced on Twitter and is the initiative of the lawmaker to help protect the citizens of his country from hyperinflation.

If Ramon succeeds in pushing the legislation of his proposed bill, the new law would help to strengthen Argentina’s bitcoin adoption process.

What the bill would do?

If it becomes a law in Argentina, the bill will allow employees and those who export services abroad to receive complete or partial compensation in the cryptocurrency.

Ramon also said on his Twitter post that the intention behind his proposal is aimed to help “strengthen their autonomy and conserve the purchasing power of their remuneration.”

Meanwhile, Ramon assured that while the initiative will promote greater autonomy and governance of wages, it will not imply a “loss of rights or exposure to situations of abuse within the framework of the employment relationship.”

Turning to bitcoin

For quite some time now, Argentineans continue to turn to bitcoin due to the systematic economical crisis and the rapidly growing inflation that is ravaging the country, racing roughly at 50% annually.

This move of the citizens and officials has, in fact, boosted the crypto mining industry in the country where government-subsidized electricity is readily available.

Individuals are limited in legally converting significant sums of money by the capital controls that have been imposed by the authorities.

This contributed to the demand for any store of value such as bitcoin, as residents getting paid in foreign currencies are obliged to use authorized exchange channels. This requirement often offers exorbitant rates.

 

Image courtesy of Cointelegraph News/YouTube

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