Federal Higher Ups in Brazil See Cryptocurrencies as a Payment Method for Workers

In the past 12 years, the expansion of cryptocurrencies has been very dramatic. The interest level of regions and countries from different parts of the world have changed about cryptocurrencies in over a decade.

When the cryptocurrencies first came into being, it was the American and Chinese regions that adopted cryptocurrencies. However, the North American region soon decided it was not going to keep up with the adoption of cryptocurrencies.

The American region came to the conclusion due to the lack of regulatory framework surrounding cryptocurrencies. However, China carried on with its adoption of cryptocurrencies and soon, it became the country that mined the majority of the cryptocurrencies.

When it comes to mining Bitcoin (BTC), there was no other country that even came close to the mining power of China. China was reportedly mining around 65% of the total Bitcoin in the entire world producing an enormous amount of hashrate.

However, the Chinese government and regulators changed their stance against cryptocurrencies in 2017, banning the usage of cryptocurrencies in the country entirely. Still, the cryptocurrency firms continued mining and operating in cryptocurrencies with no pressure from the regulatory bodies.

It wasn’t until late 2020 when the North American region changed its stance against cryptocurrencies in started welcoming them again. While the North American region was adopting cryptocurrencies alongside the European region, it was South America that started putting in more adoption efforts towards cryptocurrencies.

In the South American region, it is Brazil that seems to be focusing more on the adoption of cryptocurrencies, aiming to become a crypto-hub in the region.

Even the federal and regulatory personalities in Brazil are aiming to adopt cryptocurrencies. Even the federal personalities are leaning towards cryptocurrency adoption and are proposing their adoption by proposing bills for crypto-adoption.

In the latest reports, it was one of the congressmen from Brazil, Federal Deputy Luizao Goulart, who talked in favor of cryptocurrencies. The reports reveal that Goulart has recently proposed a bill in favor of cryptocurrencies.

In the bill, Goulart has requested the government to consider legalizing the usage of cryptocurrencies as payment methods. He proposed that once legalized, the workers in the country can be paid through cryptocurrencies. In the bill, Goulart has confirmed that he is not talking just about the public sector workers but he is talking about the private sector workers as well.

If the bill is approved, then the workers in Brazil will have cryptocurrencies as an option for getting paid their salaries. This way, the workers will be able to gain exposure to cryptocurrencies. Goulart’s bill has clarified that the option of getting paid in cryptocurrencies would be in accordance with a mutual agreement between the workers and employers.

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