The Argentine legislature introduces a law for workers to be paid in crypto

A member of the lower house of the Argentine Congress passed a law allowing some workers in the country to receive part or all of their wages in cryptocurrency.

In a tweet on Tuesday, Member of the Argentine House of Representatives, José Luis Ramón speak His proposed bill on cryptocurrencies would apply to anyone who works as a “service exporter” and is dependent on an employer for income. If the law is passed, it will give these workers the option to receive all or part of their salary in crypto or Argentine pesos.

“The idea is [workers] can strengthen their autonomy and maintain the purchasing power of their remuneration, ”said Ramón. “This initiative is driven by the need to promote greater autonomy and pay management, rather than loss of rights or exposure to abuse in industrial relations.”

According to local news agency La Nueva Mañana, workers overseas providing services such as exports will not necessarily convert their crypto earnings into Argentine pesos, as is the case with other foreign currencies. Law 27,541, passed by the Argentine National Assembly in December 2019, provides for a 30% tax on foreign currencies, but Bitcoin (BTC) and other tokens may not fall within this legal framework.

The cryptocurrency bill must be passed by both the House of Representatives and the Senate of Argentina before it is submitted to President Alberto Fernández for approval. Ramón is one of ten congressmen who represent the province of Mendoza and is the leader of the six-member coalition of the United Federation for Development of three political parties. However, there are 257 MPs and 72 Senators. People’s Front and Change Together are the two dominant coalitions in Congress.

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The draft law comes as several legislators in Central and South American countries are pushing for regulatory clarity or the full introduction of cryptocurrencies. Last month El Salvador passed a law making Bitcoin legal tender, which will go into effect on September 7th. MPs in Brazil and Panama have announced via social media channels that they will promote forms of legislation that support cryptocurrencies.