Argentine Congressman proposes legislature enabling salary payments in cryptocurrency
Argentine Congressman Luis Ramón wants employees in the country to receive their salaries in cryptocurrencies. And for this, on Monday he presented a bill to allow employees and service exporters to receive their full or partial salary in cryptocurrencies.
Against the backdrop of the Argentine peso suffering from a 50% yearly inflation, Ramón is convinced that his proposal will “strengthen tthe autonomy and preserve the purchasing power of the Argentines’ remuneration.”
“This initiative arises from the need to promote greater autonomy and governance of the salary, without this implying a loss of rights or exposure to situations of abuse within the framework of the employment relationship,” Ramón announced on Twitter.
Presenté un proyecto de ley para que los trabajadores en relación de dependencia y exportadores de servicios tengan la opción de cobrar su sueldo entero o parcial en criptomonedas. La idea es que puedan fortalecer su autonomía y conservar el poder adquisitivo de su remuneración
— José Luis Ramón (@JoseLuisRamonOk) July 6, 2021
Ramón, representative of the Mendoza province and belonging to the independent political group Unidad Federal para el Desarrollo (Federal Unity for Development), published a preview of his legislation showing what Argentina treats as cryptocurrencies and other terms in the crypto market.
The Congressman stated:
“This project allows self-employed workers who export services abroad to preserve the purchasing power of their remuneration in the process of their entry into the country.”
The preview defines what the employer’s obligations are in the payment process and details that employees will have the “absolute” decision on accepting, revoking or modifying this type of collection. It is clarified that the employer will shoulder the costs of transferring the crypto.
Ramón clarified that his project allows agreeing a payment in pesos equivalent to the pricing of a cryptocurrency or a direct payment in cryptocurrencies.
Argentina’s inflation in May was 3.3% and accumulated 21.5% year-to-date, with year-on-year inflation being 48.8%. This led to a massive devaluation of the peso from $0.02 to $0.006 in just 18 months time.
Consequently, Argentine exporters are already receiving their payments in cryptocurrencies in an effort to fall for the inflation trap.
The post Argentine Congressman proposes legislature enabling salary payments in cryptocurrency appeared first on iGaming.
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Author: Peter Siu