El Salvador Reportedly Weighs Paying Staff in Bitcoin

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Rolando Castro, the minister of labor and welfare in El Salvador, has mentioned the federal government is discussing whether or not firms within the nation ought to pay their workers in Bitcoin.

In accordance with native radio station 107.7 Fuego GMV, Castro discussed the problem of employers paying their workers in Bitcoin (BTC) with officers from the Ministry of Finance and the Ministry of Financial Affairs. His feedback come per week after the nation’s legislative meeting moist the use of the cryptocurrency approved as authorized tender.

El Salvador’s 2001 Financial Integration Act, which supplied the authorized framework to ultimately exchange the Salvadoran colón with the US greenback, states that salaries and allowances could solely be paid in colones or {dollars}. Nonetheless, the previous is now hardly ever used within the Central American nation.

Associated: Bill to make Bitcoin legal tender in El Salvador

It’s unclear whether or not the adoption of Bitcoin as authorized tender within the nation will increase or exchange current laws. President Nayib Bukele’s Invoice shows “tax contributions could also be paid in Bitcoin” and “for accounting functions, the USD can be used because the reference foreign money.”

Since Bukele first introduced he would introduce pro-Bitcoin laws on the Bitcoin 2021 convention in Miami earlier this month, Bukele has used social media to advertise cryptocurrencies and mining in El Salvador. Final week, the president called on the state-run geothermal power company to make sure services obtainable to Bitcoin miners.

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