Monday, October 25

El Salvador Government Discusses Paying Salaries with Bitcoin (BTC)

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El Salvador’s Minister of Labor and Social Welfare, Rolando Castro, said the government is currently discussing whether companies should pay salaries in Bitcoin (BTC).

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There aren’t many details about the new venture. It also remains unclear how employers will reduce the volatility of cryptocurrencies.

The Ministry of Economy and the Ministry of Finance are working on this issue jointly with the Ministry of Labor and Social Welfare.

El Salvador’s Monetary Integration Act 2001 includes Article 7, which states that all salaries are to be paid in dollars. The country had exchanged the Salvadoran colon for the dollar during Francisco Flores’ presidency.

Last week, Congress unanimously passed President Nayib Bukele’s groundbreaking Bitcoin law.

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