El Salvador Considering Paying Workers Salary In Bitcoin

El Salvador the first and only country in the world to accept Bitcoin as a legal tender is already considering paying workers in Bitcoin. With Bitcoin officially becoming a legal tender in the coming months the Government of El Salvador is already considering whether they should pay worker salaries in Bitcoin.

- Advertisement -

Just a week ago El Salvador became the first country to adopt Bitcoin as a legal tender. The countries congress approved President Nayib Bukele’s proposal to make cryptocurrency a legitimate means of exchanging goods and services. The proposal was a success and the rest is now history.

El Salvador’s Minister of Labor and Social Welfare, Rolando Castro, says that the government is considering whether companies should pay employee salaries in Bitcoin. The El Salvador monetary Integration law states that all salaries are payable in dollars since the country replaced the Salvadoran colon with US dollar during Francisco Flores presidency.

There was no official statement in the bill presented to Congress last week. But it was clear that El Salvadorans can pay their taxes in BTC once the new policy starts working in the coming weeks. The country does not have its own currency and it uses the US dollars as legal tender. According to Bukele the adoption of Bitcoin would help Salvadorans living abroad to send money easily back home.

Details are still not clear yet but the ministry of economy and the ministry of finance are working together with the ministry of labor and social welfare on this new development. According to Castro, the decision to pay salaries in the digital asset will come after Bitcoin assumes its legal status in the coming months.

There have been enormous developments around the country’s bitcoin adoption. They are currently planning to mine Bitcoin from volcano energy. The president made the call that state-backed geothermal power companies should make facilities available for BTC miners.

Previous Articles:

- Advertisement -

Latest

Michael Saylor Invites Joe Rogan to Discuss Bitcoin on Podcast

Michael Saylor has shown interest in discussing Bitcoin on The Joe Rogan Experience podcast.The idea has generated excitement in the Bitcoin community, with some...

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Must Read

9 Best Books On Ethereum And Blockchain Technology (Beginners And Advanced Readers)

Ethereum is a complex topic, and it can be difficult to know where to start learning about it.Even for people who are familiar with...