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Argentina Deputy introduces bill that would allow workers to be paid in cryptocurrencies

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Shivangi Mujumdar Follow

INDIA

Jul, 08 2021

Jul, 08 2021

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Argentina Deputy lawmaker has introduced the bill which offers the workers get payment in cryptocurrencies. The legislation was introduced by the member of the lower house of the Argentine National Congress. On July 7, this proposal was set to help the help Argentinians in the export business so that they don’t have to pay heavy taxes from foreign currency.


About the new legislation: 

As per the legislation that has been passed, the Argentine lawmaker stated that certain workers in the country will be legible to get the salary in cryptoCongressman José Luis Ramón stated that the idea projected is “Argentines can strengthen their autonomy and preserve the purchasing power of their remuneration.”  


Ramón is one of those known congresspeople who has been representing Mendoza province. He is also the head of -person Federal Unity for Development.


Argentina for now has been seeing its native peso been suffering with the inflation of around 50% yearly. At least with such initiative, there will be better autonomy. Ramon also added that “The idea is that workers can strengthen their autonomy and retain the purchasing power of their remuneration,” 


As per one of the local news, it has also been stated that workers who offer aboard services like exporting will not have to even convert their income of crypto in Argentine pesos which they usually have to do with other foreign currencies. 


What shall happen next? 

The focus of this announcement clearly shows that the project shows the treatment that Argentina offers to cryptocurrencies and other terms that are currently present in the crypto market. Besides, with such proposal, the José Luis Ramón is hoping that crypto bill shall be applicable tthose who work as an “exporter of services”. 


For now the bill has been just passed by Argentina Deputy lawmaker but it needs to be passed by both the Argentine Chamber of Deputies and the Senate before the approval is being sent to President Alberto Fernández. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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