Argentina lawmaker introduces bill to get workers paid in crypto

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A member of the lower house of Argentina’s National Congress introduced legislation that would allow some workers in the country to receive some or all of their wages in crypto.

In a tweet on Tuesday, Argentina’s Chamber of Deputies member Jos Luis Ramn said his crypto bill would apply to anyone working as a service exporter and those who depend on an employer. for their income. If the legislation were passed, it would give these workers the choice of receiving full or partial wages in crypto or Argentine pesos.

The idea is that [workers] can empower themselves and retain the purchasing power of their pay, Ramn said. This initiative stems from the need to promote greater autonomy and greater governance of wages, without this implying a loss of rights or exposure to situations of abuse in the context of the employment relationship.

According to local outlet La Nueva Maana, workers who provide overseas services such as exporting wouldn’t necessarily need to convert their crypto earnings into Argentine pesos like they do with other foreign currencies. Law 27,541, passed by the Argentine National Congress in December 2019, introduced a 30% tax on foreign currency, but Bitcoin (BTC) and other tokens may not fall within this legal framework.

The crypto bill must pass both the Argentine Chamber of Deputies and Senate before being sent to President Alberto Fernndez for approval. Ramn is one of ten members of Congress representing the province of Mendoza, and the leader of the alliance of Federal Unity for Development made up of 6 people from three political parties. However, there are 257 members in the legislative chamber and 72 senators. The Front de tous and Ensemble pour le changer are the two dominant alliances at the congress.

Related: Argentina Tax Body Reportedly Requested Crypto Firms to Report All Activity

The bill comes as some lawmakers in Central and South American countries push for regulatory clarity or outright adoption of crypto. Last month, El Salvador passed a law making Bitcoin legal tender, a law that will come into force on September 7. Members of Congress in Brazil and Panama have indicated via social media that they will push for forms of legislation supporting crypto.

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