The law would bring benefits to wage earners and service exporters. Employees could pick whether they want to collect all or just part of their salary in cryptocurrencies.
Workers in a dependency relationship in Argentina and service exporters will gain the right to collect their salary in bitcoin (BTC) and other cryptocurrencies once the statement, presented yesterday, July 6, by the national deputy goes on in all legislative instances.
According to Jose Luis Ramon, the idea is that they can strengthen their autonomy and preserve the purchasing power of their remuneration. The legislator has already presented the plan to the Chamber of Deputies of his country.
The Mendoza politician, a member of the Federal Unity and Equity party, explains that this initiative comes from the need to encourage greater autonomy and governance of wages without implicit loss of rights or situations of possible abuse within the framework of the employment relationship.
According to local press reports, the statement discusses that collecting the salary in cryptocurrencies offers the worker a new mechanism to protect the purchasing power of their remuneration without indicating its conversion into foreign currency as Law 27,541 seeks.
Additionally, because cryptocurrencies are not foreign legal tender, workers who bring services abroad should not transform their income into Argentine pesos according to the official quotation in the Single Exchange Market, as required by law.
The initiative manifests that it will be the employee who, expressly, must enlighten the employer that he wants to receive his payment in digital currencies. In addition, employees will gain the right to decide if they desire to charge all or only a bit of their salary in cryptocurrencies and choose which currency they want to use.
The text of the bill also highlights that the salary receipt will inform the amount in Argentine pesos.
Deputy Ramón’s bill is not the first on cryptocurrencies to appear in the Argentine Chamber of Deputies (HCDN). In November 2020, a deputy from the Frente de Todos presented a bill to set regulations on cryptocurrencies.
Deputy Liliana Schwindt, a member of the Frente de Todos, presented a statement in the National Congress to regulate Bitcoin and other cryptocurrencies. This presentation occurred a day after the Together for Change block entered a project with similar objectives this Friday in the legislative palace.
Like the project of the opposition party, Schwindt’s initiative intended to create a comprehensive regulatory framework that would apply for civil and commercial financial operations with crypto assets as a means of payment, savings, or investment.
The project encouraged the creation of a training program for public officials on the treatment of crypto assets. This program, run by the CNV, was mandatory for all officials in charge of crypto-asset affairs.
That project went to the Finance committees, General Legislation, and Budget and Finance of the HCDN, but it did not arrive at the main hall of the Chamber to receive its vote.
By: Jenson Nuñez