Wednesday, December 8

A Brazilian deputy presented a project to pay salaries in Bitcoin: What does it consist of?

In the document presented this Friday it is stated that the salary of Brazilians may be partially paid with cryptocurrencies like Bitcoin. The system would be optional for all workers, both in the public and private sectors. In addition, it points out that the proportion of the payment in bitcoin will also be freely chosen by the beneficiary. In this sense, the worker who chooses to receive payments in BTC, must expressly request it from his employer.

As part of the justification of the proposal, the deputy states that, in addition be inserted in the evolution of payment systems, collaborates with “the resolution of the problem of ‘cash’ of the Federal, State and Municipal GovernmentsIn this case, Bitcoin is presented as a plausible payment alternative.

Cryptocurrencies in Brazil

Brazilians accumulate a total of US $ 4.272 million in purchases of bitcoin and other cryptocurrencies between January and August 2021. This is revealed by the most recent update of the Balance of Payments data, disclosed by the Central Bank of Brazil (BC).

According to the report, residents of the South American country have been buying an average of $ 534 million in crypto assets per month from non-Brazilian counterparts. The information is derived from the calculations made by the financial authority on merchandise imports and foreign trade statistics.

It should be remembered that the Central Bank of Brazil included cryptocurrencies for the first time in the statistical reports of its external sector in 2019, giving them recognition as “active” or “good produced”. However, the registration of the exchange of crypto assets between residents and non-residents began to be disclosed in August of this year.

Acquisitions of cryptocurrencies such as Bitcoin reported within the Brazilian territory established their lowest limit of 2021 in the month of March, with US $ 350 million. However, they accelerated in May, when they more than doubled, setting a peak of $ 756 million in one month. According to local media reports, that same month there was a record in the daily volume of bitcoin trading in the Brazilian market, when $ 150 million were traded in a single day.

The Director of Monetary Policy of the Central Bank of Brazil, Bruno Serra Fernandes, would have declared in a private videoconference last Friday, October 15, that the investments of Brazilians in cryptocurrencies triple those they make in US stocks. This phenomenon also occurs in other countries, such as Argentina, where there has been a migration of capital from traditional markets to cryptocurrency markets.