El Salvador reportedly weighing paying workers in Bitcoin

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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.

Based on 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 Financial system. His remarks come per 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 finally substitute the Salvadoran colón with the U.S. greenback, states that salaries and costs might solely be paid in colónes or {dollars}. Nonetheless, the previous isn’t 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 develop upon present regulation or substitute it. President Nayib Bukele’s draft of the regulation shows “tax contributions will be paid in Bitcoin” and “for accounting functions, the USD can be used because the reference forex.”

Since first asserting he could 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 amenities obtainable to Bitcoin miners.