El Salvador reportedly weighing paying workers in Bitcoin

Rolando Castro, the Minister of Labor and Social Welfare in El Salvador has stated that 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 has discussed the problem of employers paying their employees in Bitcoin (BTC) with officers from the Ministry of Finance and the Ministry of Economic system. His remarks come every week after the nation’s Legislative Meeting approved the use of the cryptocurrency as authorized tender.

El Salvador’s 2001 Legislation of Financial Integration, which supplied the legislative framework to ultimately exchange the Salvadoran colón with the U.S. greenback, states that salaries and costs could solely be paid in colónes or {dollars}. Nonetheless, the previous is never used within the Central American nation now.

Associated: Bill to make Bitcoin legal tender passes in El Salvador

It’s unclear if the approval of Bitcoin as authorized tender within the nation will increase upon present regulation or exchange it. President Nayib Bukele’s draft of the regulation shows “tax contributions may be paid in Bitcoin” and “for accounting functions, the USD shall be used because the reference forex.”

Since first asserting he can be introducing the pro-Bitcoin laws on the Bitcoin 2021 convention in Miami earlier this month, Bukele has taken to 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 accessible to Bitcoin miners.