Paying salaries in cryptocurrencies? Argentina wants to follow El Salvador's example

The Argentine Parliament is debating a bill that could allow, on the one hand, the payment of salaries in cryptocurrencies, or else the conversion of this remuneration from pesos to digital currencies, on the same day of the transfer, through a financial operation of the intermediary bank.

The main promoter of this bill was congressman José Luís Ramón, for whom this initiative "arises from the need to promote greater autonomy and salary management, without this implying a loss of rights or exposure to situations of abuse in the employment relationship.

According to the proposal presented, "this measure, in addition to strengthening the autonomy of workers, offers a modern mechanism with the ability to preserve the right to free disposal of wages. This tool is also a way for self-employed workers, if they work for foreign clients, not to lose money by converting another currency to pesos.

In El Salvador, the first state in the world to approve Bitcoin as one of the official currencies, each adult citizen will receive $30 in Bitcoin.

The announcement was made by the President of the Republic of the country, Nayib Bukele. The young head of state pointed out "that whoever does not want to receive Bitcoin, is not obligated," but he could not hide his enthusiasm for this cryptocurrency.

Bukele reiterated that one of the main drivers of the law is to help people send remittances back to El Salvador, as normally these types of payments have been subject to high transaction costs.

The Bitcoin Law goes into effect on September 7. The country's economy will learn to live on the cohabitation of the two official currencies: the US dollar and the world's most quoted cryptocurrency.

Salaries, pensions and other allowances will be paid in dollars.

The US dollar has been the official currency in El Salvador since 2001.

El Salvador has become the first country in the world to adopt Bitcoin as a second official currency. Parliament passed the law regulating the use of "cryptoqueen" in the state with 62 votes in favor in an assembly composed of 84 representatives.

The rule, which has the strong support of local President Nayib Bukele, states that "the purpose of this law is to regulate Bitcoin and authorize its use in any transaction, whether operated by individuals or by companies and public institutions."

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