The “Pay Me In Bitcoin” movement got a lot stronger when José Luis Ramón, a member of Argentina’s National Congress, announced he submitted a bill that would allow workers and exporters of services to have the option to get paid in Bitcoin when it’s time to draw their salary.
He added, “The idea is that they can strengthen their autonomy and conserve the purchasing power of their remuneration.” The citizens of Argentina have been dealing with insane amounts of hyperinflation in the Argentine peso, resulting in them being unable to save their wealth. Looking at the core inflation rate for the Argentine peso, they are in dire need of Bitcoin.
I presented a bill so that workers in a dependency relationship and exporters of services have the option of receiving their full or partial salary in cryptocurrencies. The idea is that they can strengthen their autonomy and conserve the purchasing power of their remuneration.English translation of the above tweet by Jose Luis Ramon
Before this Bitcoin in Argentina was not considered a legal currency, as it is not issued by the Central Bank, least of all the idea of people getting paid in crypto, but there are no restrictions towards it. Bitcoin mining in Argentina and Bitcoin exchanges are legal. Bitcoin is considered to be a good trade under the Argentine Civil Code and its transactions are governed by the rules of the Civil Code.
The economy of Argentina is based on rich natural resources, diversified industries and a large agricultural sector. Argentina has a growing high-tech sector, literate population and a high human development rate. Argentina also benefits from tourism, science, independent media and a developed transport communication.
Will the Pay Me in Bitcoin movement grow in Argentina?
The number of Bitcoin users in Argentina is relatively small. It barely registers on most charts of global Bitcoin usage. But Argentina has been quietly gaining renown in technology circles as the first, and almost only place where Bitcoins are being regularly used by ordinary people for real commercial transactions. And, probably because of the decentralized nature of cryptocurrencies, more and more people are asking to get paid in Bitcoin.
In contrast, the best-known Bitcoin start-up in Argentina, BitPagos, is helping more than 200 hotels, both cheap and boutique, take credit-card payments from foreign tourists.
Argentina seems to be following in the footsteps of El Salvador, which made Bitcoin legal tender recently. Central banks and the fiat system have really hurt these countries via hyperinflation and excluded most of their citizens from having good financial infrastructure. Bitcoin’s 21 million hard cap supply saves them from suffering any more wealth evaporation and allows them to be their own bank.
And with the spectre of looming hyper-inflation across the world, as governments appear to be rushing to pump more and more money (generated out of thin air) into their economies, Bitcoin, and crypto in general seems to be a real hedge against the devaluation of a country’s national currency. It’s really a wonder that the Pay me in Bitcoin movement isn’t bigger than it already is.
According to Acuant, only 48.7% of the Argentine population have a bank account and 78% have internet access. More people than ever before in Argentina will be able to get paid in, store their wealth in, and spend their money in Bitcoin, thus improving their quality of life. The Pay me in Bitcoin movement is only going to grow, not shrink.