El Salvador employees could get paid in Bitcoin
16 Jun 2021
El Salvador’s Minister of Labor and Social Welfare, Rolando Castro has stated that the government is in talks as to whether businesses should pay staff in Bitcoin.
Castro has discussed the issue with Ministry of Finance and Ministry of Economy officials, according to local radio station 107.7 Fuego GMV, just a week after El Salvador became the first country to approve the use of Bitcoin as legal tender.
El Salvador’s 2001 Law of Monetary Integration states that salaries and charges can only be paid in the Salvadoran colón or the U.S. dollar. However, the colón is hardly used in El Salvador now.
It is not yet known whether El Salvador’s decision to approve Bitcoin – the world’s largest cryptocurrency by market capitalisation – as legal tender will progress upon current law or replace it, reports Cointelegraph.
According to President Nayib Bukele’s draft of the law, “tax contributions can be paid in Bitcoin” and “for accounting purposes, the USD will be used as the reference currency.”
The President has been promoting crypto and mining in El Salvador on social media since the announcement of the pro-Bitcoin legislation.
Indeed, Bukele has urged the state-run geothermal power company to make some facilities available to Bitcoin miners.
deVere CEO and founder Nigel Green said of the country’s Bitcoin move last week: “El Salvador has become the first country to adopt Bitcoin as official legal tender – but it will not be the last.
“Where El Salvador has led, we can expect other developing countries to follow.
“This is because low-income countries have long suffered because their currencies are weak and extremely vulnerable to market changes and that triggers rampant inflation,” he added.
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