The government of El Salvador is currently considering a regulation allowing businesses to pay salaries in Bitcoin.
Rolando Castro, Minister of Labor and Social Welfare of El Salvador recently revealed that the Government is carefully considering allowing domestic businesses to pay employees in Bitcoin.
Under a law in El Salvador enacted in 2001, the payment of wages and fees to employees and fees can only be paid in Colónes or USD. Therefore, receiving salary in Bitcoin should be carefully considered to ensure the rights of employees.
In the past in El Salvador, businesses only paid their employees’ wages in Colónes. Later, this country added the dollar, when it enacted the Law on Monetary Integration in 2001.
After El Salvador accepted Bitcoin as legal currency, President Nayib Bukele’s draft bill states that “tax contributions may be paid in Bitcoin” and that “for accounting purposes, USD will be used as reference currency”.
If you do not have a Binance account, register here: https://blogtienao.com/go/binance
- Legendary investor wants 5% of his assets to be Bitcoin
- Fidelity CEO: Bitcoin Can’t Fall Any More
- Kazakhstan wants to tax Bitcoin mining