An Argentine lawmaker wants to let employees receive their salaries in cryptocurrencies.
Congressman José Luis Ramón presented a bill to allow employees and service exporters to receive their full or partial salary in cryptocurrencies on Monday. According to Ramón, the idea behind his project is that “Argentines can strengthen their autonomy and preserve the purchasing power of their remuneration.”
Argentina currently sees its native peso suffer from 50% inflation per year.
“This initiative arises from the need to promote greater autonomy and governance of the salary, without this implying a loss of rights or exposure to situations of abuse within the framework of the employment relationship,” Ramón stated in his Twitter account.
In 2019, the government forced service exporters to convert their income from dollars to Argentine pesos through an exchange channel authorized by the Argentine Central Bank, which currently has a conversion rate 78% lower than a different market’s conversion rate, such as one known as a “stock exchange dollar” – dolar bolsa, in Spanish – which allows certain bonds to be purchased in Argentine pesos and sold for U.S. dollars abroad.
