Want to get paid in Bitcoin?
Move to El Salvador! I am kidding of course, but only slightly.
Sources say the country is considering paying workers wages in Bitcoin. This comes after the country recently announced that Bitcoin will be used as legal tender within the country.
El Salvador looks like it will become one of the places to be if this comes to pass.
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Everyone knows that The U.S. Dollar is in serious trouble, and it may not be the global reserve currency in the future.
Countries that embrace the crypto path will no doubt attract foreign direct investment, as well as ex pats looking for a more fintech friendly home.
I am sure that the people of El Salvador are looking forward to this, and I HOPE that other countries take some pointers from the small South American country.
Here is more on the story:
El Salvador Considers Paying Workers Salaries in Bitcoin pic.twitter.com/SYFfzmoBJg
— johnoltcrypt (@johnoltcrypto) June 15, 2021
Crypto Potato gave us a glimpse into the proposed idea:
Following the adoption of bitcoin as the country’s second legal tender, El Salvador’s government is discussing if companies would pay their employees in bitcoin.
In a tweet by a local radio station 107.7 Fuego on Tuesday (June 15, 2021), three government ministries were considering the possibility of companies’ workers receiving their wages in BTC. This was revealed by the Minister of Labor, Rolando Castro.
According to Castro, the decision to pay salaries in bitcoin will come after the bitcoin’s legal tender status becomes law. The Ministry of Labour is working with the Ministries of the Economy Finance to analyze the decision.
The Minister of Labor and Social Welfare in El Salvador, Rolando Castro, has reportedly talked with officials from the Ministry of Finance and the Ministry of Economy about employers in the country offering workers their salary in Bitcoin.
— CoinzProfit (@CoinzProfit) June 15, 2021
One of the reasons EL Salvador went on the #Bitcoin standard as “legal tender” is to minimize the high cost of remittances faced by the families of their overseas workers, migrants
Anyone against #Bitcoin or bashing it is against our very own Filipino🇵🇭 OFWs and their families
— TradersApprentice (@Trader4lyf) June 10, 2021
Coin Journal offered a contrasting perspective:
He also detailed the country’s plan to start using volcanoes to generate green energy for this endeavour. The decision by the South American country to embrace crypto has not sat well with all. Criticism spawned by scepticism towards Bitcoin and other cryptos has pushed several institutions, particularly the global financial institutions, to question the move by the country. Last week, the International Monetary Fund warned that it saw legal and economic concerns with El Salvador’s resolution.
Economics experts have also questioned El Salvador’s move. Professor of Applied Economics, Steve Hanks, has found fault with the move claiming that the acceptance of BTC spells disaster for the country. In a sit down with Kitco News, the Johns Hopkins University professor observed that the country which has long used the dollar as its main currency has taken a route toward economic collapse.
He warned that owners who would seek to cash out their Bitcoin would target the South American country, therefore, explaining his view that the country is at the risk of running out of dollars. Hanks claimed the decision had been pushed for by criminal enterprises. He cautioned other countries including Paraguay and Panama not to bow to the pressure to legalise Bitcoin.
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