Bitcoin (BTC) wages in Argentina: The bill that goes in the direction of history

By: Bharggavi Ssayee

July 15, 2021 5:14 AM

Latin American countries are at the forefront of adopting Bitcoin (BTC) and cryptocurrencies in the real economy. After El Salvador, which made Bitcoin legal tender, now an Argentinian legislator proposes that workers can choose the king of cryptos for the payment of their wages.

A salary in BTC to fight inflation

José Luis Ramón is a member of the Chamber of Deputies in Argentina. The politician made his mark on July 6, explaining, in a Twitter post, that he had tabled a bill that would allow some workers to receive - in part or in full - their wages in cryptocurrency.

“ The idea is that they can reinforce their autonomy and preserve the purchasing power of their remuneration (…) without implying a loss of rights or an exposure to abusive situations within the framework of their relations of job. "

Extract from the proposed law adding cryptos as a wage settlement choice - Source: Coindesk

This law would primarily concern service exporters and employees dependent on a boss, who will therefore have the choice between Bitcoin and the Argentine peso, or a mix of the two, if this text succeeds in passing its entire legislative approval process.

As Coindesk recalls, year-on-year inflation in Argentina is 48.8%, further eroding the purchasing power of the country's workers.

If Bitcoin becomes a means of collecting one's salary, it will inevitably have a ripple impact on the consumption of goods and services with BTC, creating a real economy in cryptocurrencies. El Salvador is, once again, ahead on this point, since in addition to putting BTC vending machines on every street corner, the country wants to create a real mining industry, thanks to the energy ... of volcanoes !