Cryptocurrency News

El Salvador minister says it’s too early to use bitcoin for wages

The Minister of Labor and Social Welfare of El Salvador has said that the country is not yet ready to adopt bitcoin.B T c) for payment of salary.

on Wednesday Tweet, Rolando Castro denied local reports that Claimed That his ministry on Monday began analyzing the possibility of bitcoin-based pay with finance ministry and economy ministry officials.

Castro insisted he was just answering a question, adding that “it is too early to talk about wages.” The official said he is now focused on finding more and better jobs for El Salvadorians. “Monetary issues come under the economic cabinet, and I am not a part of it,” he said.

The minister’s remarks came a week after El Salvador passed President Nayib Bukele Bill to make bitcoin legal tender in country. Crypto influencers have since flocked to the small Central American nation to meet Bukele.

related: Remittance companies hesitant to back BTC despite legal tender law in El Salvador

As previously reported, El Salvador’s 2001 monetary integration law, which provided the legal basis for replacing the Salvadorian colon with the United States dollar, stipulates that salaries and fees may only be paid in colognes or dollars. is. It is still unclear whether the approval of bitcoin as legal tender in El Salvador will expand on or replace existing legislation. President Nayib Bukele’s draft of the law states that “tax contributions may be paid in bitcoin” and that “for accounting purposes, USD will be used as the reference currency.”