Cryptocurrency News

El Salvador reportedly weighs paying employees in bitcoin

In El Salvador, Labor and Social Welfare Minister Rolando Castro has said the government is discussing whether companies in the country should pay their employees in bitcoin.

According to local radio station 107.7 Fuego GMV, Castro discussed Issue of employers paying their employees in bitcoin (B T c) with officials from the Ministry of Finance and the Ministry of Economy. His statement came a week after the country’s assembly Approved the use of cryptocurrency as legal tender.

El Salvador’s 2001 Law of Monetary Unification, which eventually provided the legislative framework to replace the Salvadoran colon with the US dollar, states that wages and fees may be paid only in colognes or dollars. However, the former is now rarely used in the Central American nation.

related: Bill to make bitcoin legal tender in El Salvador

It is unclear whether the approval of bitcoin as legal tender in the country will expand on or replace existing legislation. President Nayib Bukele’s draft of the law shows “Tax contributions may be paid in bitcoin” and “for accounting purposes, USD will be used as the reference currency.”

Since first announcing that he would introduce pro-Bitcoin legislation at the Bitcoin 2021 conference in Miami earlier this month, Bukele has taken to social media to promote cryptocurrency and mining in El Salvador. Last week, President Called on government geothermal power company To provide certain facilities to bitcoin miners.