Salvadoran authorities analyze paying salaries with Bitcoin
The ministers of Labor, Finance and Economy discuss the possibility of canceling the income of workers in cryptocurrency
Salvadoran government ministers are discussing the possibility of paying salaries in bitcoin, after the approval of the law that gives legality to the digital currency and that will come into effect next September.
Officials from the Ministry of Labor, Finance and Economy of the Central American nation are reviewing whether companies should start paying wages in cryptocurrency, as Rolando Castro, Ministry of Labor and Social Welfare said.
Castro also referred to a proposal for reforms to the Labor Code that was presented by the Farabundo Martí National Liberation Front (FMLN) to increase the minimum wage in the country, which is currently around 300 dollars.
By converting bitcoin into legal tender, it has the same status as the dollar, the official currency adopted by the nation 20 years ago. Therefore, the beneficiaries, including all multinational companies, are obliged to accept digital currency as a form of payment.
Although in the Central American country the modification of monetary policy is not very controversial, some dissenting voices shor their concern about the volatility of bitcoin and the difficulties that groups or populations have to access technology. However, others consider that the initiative could boost foreign investment and solve certain existing limitations such as sending and receiving remittances.
M. Rodríguez
Fuente: laprensagrafica.com
