In Argentina the salary can be collected in bitcoin if this bill advances

Key facts:
  • If passed, the law would benefit wage earners and service exporters.

  • Employees could choose whether they want to collect all or part of their salary in cryptocurrencies.

Workers in dependent relationship of Argentina and exporters of services will be able to collect their salary in bitcoin (BTC) and other cryptocurrencies, if advances, in all legislative instances, the bill presented yesterday, July 6, by the national deputy José Luis Ramón.

“The idea is that they can strengthen their autonomy and retain the purchasing power of their remuneration,” the legislator wrote in his account of Twitter reporting that he had submitted the initiative to his country & apos; s Chamber of Deputies.

The mendocino politician, of the Federal Unity and Equity party, explains that”this initiative arises 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”.

According to local press reports, the text of the bill argues that collecting wages in cryptocurrencies offers the worker “a modern mechanism to preserve the purchasing power of their remuneration without implying its conversion into foreign exchange as Law 27.541 seeks to discourage.”

Similarly, workers who provide services for abroad, because cryptocurrencies are not considered foreign currencies, they should not convert their income to Argentine pesos according to the official quotation on the Single Exchange Market, as required by law.

As reported, the initiative states that it will be the employee who must expressly inform the employer that you want to receive your salary in digital currencies. In addition, you will be able to decide whether you want to charge all or only a part in cryptocurrencies and choose which one. The text of the bill indicates that the salary receipt will inform the amount in Argentine pesos.

The bill of Deputy José Luis Ramón, states that workers could choose in which cryptocurrency they want to collect their salary. Source: Chamber of Deputies of the Nation / YouTube.

Deputy Ramón’s bill is not the first on cryptocurrencies that is presented in the Chamber of Deputies of Argentina (HCDN). As reported by CriptoNoticias, in November 2020, a deputy from the Frente de Todos presented a bill to regulate cryptocurrencies.

That bill was sent to the Finance; General Legislation; and Budget and Finance committees of the HCDN, but did not reach the main hall of the House for a vote.

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