Argentine Congressman José Luis Ramón has presented a bill that will enable businesses to pay their workers in Bitcoin (BTC/USD).
According to the proposed bill, service exporters and other employees will be allowed to receive their salaries and wages in Bitcoin, either as partial payment or as full payment.
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The bill will not be made compulsory for everyone, but for anyone who wishes to receive their payments in Bitcoin.
Ramon says that the main goal of the proposal is to strengthen the Argentine economy and “preserve the purchasing power of their remuneration.”
The Argentine native currency peso has been suffering from a 50% inflation rate per year. And the government has been creating policies to cut down on the high rate.
The present Bitcoin initiative, according to Ramon, is coming from such needs. He says there is a high desire to promote greater autonomy without exposing the situation to abuse or implying the loss of rights.
A measure to reduce heavy tax payments
Two years ago, the Argentine government demanded that service exporters convert their income from dollars to pesos using an exchange platform. The move was to cut down on the towering level of inflation and encourage an increased circulation of the native currency.
The proposal is also geared towards enabling Argentines, especially those in the export business, to reduce the payment of heavy taxes from foreign currency payments.
Before the crypto bill is passed into law, both the Senate and the Argentine Chamber of Disputes must agree and send it to President Alberto Fernández for approval.
Ramon represents the province of Mendoza and he is one of the 10 congresspeople representing the zone. But there are 72 senators and 257 members of the legislative house. The bill must be accepted by the majority of these representatives before it is sent for approval. Although it’s still a long shot to pass the bill into law, the conducive crypto regulations in the country could give it a favorable reading in the house.
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