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According to a proposed bill, Argentina will soon pay salaries in Cryptocurrency.
A proposed bill submitted by José Luis Ramón, Member of the Chamber of Deputies, dependent workers and individuals who export services in Argentina can opt to receive all or part of their pay in cryptocurrency.
The new rule, if implemented, will allow dependents and self-employed employees to preserve their remuneration buying power without the need to convert it into foreign currency.
Self-employed employees who export services from other countries will be able to retain their purchasing power while entering Argentina.
Since cryptocurrency is not considered as foreign currency, supply services overseas will not require to convert their earnings to Argentine pesos according to the official quotation in the Single Exchange Market, as required by law.
Though the employee will have to mention the company he/she wished to receive his/her salary in digital currencies. Also the person will be able to decide if you want to charge all or part in cryptocurrencies and choose one digital currency of their choice.
Argentina is using Bitcoin, stablecoin, and other cryptocurrencies to protect its economy from overprinting and failed government acts. In case the proposed bill is approved we may witness usage of cryptocurrencies on a daily basis in Argentina for real.
This is not the first time such a bill has been proposed, earlier a deputy from the Frente de Todos introduced legislation to regulate cryptocurrency. It was forwarded to the HCDN’s Finance committees, General Legislation, and Budget and Finance, though it never made it to the main hall of the chamber for a vote.