The proposal for salaries payment in crypto if passed will require Argentinians to choose full or partial payment in cryptocurrency.
A member of Argentina’s National Congress’s lower chamber has proposed legislation that would allow select workers to receive part or all of their pay in cryptocurrency.
José Luis Ramón, a member of the Argentine Chamber of Deputies, stated in a tweet on Tuesday that his proposed crypto bill would apply to anybody who works as a “service exporter” or relies on an employer for income.
If the bill passes, such workers will be able to choose between earning a full or partial income in cryptocurrency or Argentine pesos
“The idea is that [workers] may maintain their purchasing power while strengthening their autonomy,” Ramón explained. “This program is motivated by a desire to foster greater wage autonomy and control without jeopardizing workers’ rights or exposing them to abuse in the workplace.”
Workers who supply services abroad, such as exporting, would not have to convert their cryptocurrency earnings to Argentine pesos as they would with other foreign currencies, according to local news outlet La Nueva Maana.
The Argentine National Congress passed Law 27,541 in December 2019, which imposes a 30% tax on foreign currency, however, Bitcoin (BTC) and other tokens may be exempt.
Before being referred to President Alberto Fernández for approval, the cryptocurrency bill must pass both the Chamber of Deputies and the Senate of Argentina.
Ramón is the leader of the 6-person Federal Unity for Development coalition, which includes three political parties, and one of ten congresspeople representing the province of Mendoza.
The legislative house, on the other hand, has 257 members while the Senate has 72. In Congress, the two most powerful alliances are Everyone’s Front and Together for Change.
The bill is being submitted as some legislators in Central and South American countries press for regulatory clarity or outright adoption of cryptocurrency.
