Bitcoin is dividing nations. In Brazil, lawmakers are pushing forward with a bill to regulate salary payments in Bitcoin, while South Korea’s central bank is rejecting the idea of holding Bitcoin in its foreign exchange reserves, citing its volatility.
Federal Deputy Luiz Philippe de Orleans e Bragança has introduced a bill allowing employees to receive up to 50% of their salary in Bitcoin, according to Cointelegraph. The bill aims to boost Brazil’s financial technology sector and attract crypto investment. The proposal follows examples from Japan, Switzerland, and Portugal, where crypto salaries have already been implemented.
Meanwhile, South Korea’s Bank of Korea (BOK) is shutting the door on Bitcoin as part of its foreign exchange reserves. According to Korea Economic Daily, the central bank dismissed the idea due to Bitcoin’s price swings and its failure to meet the International Monetary Fund’s (IMF) liquidity, market, and credit risk management standards.
Bitcoin’s Global Role Faces Contrasting Views
While Brazil sees Bitcoin as a financial tool to modernize payroll systems, South Korea remains skeptical of its stability. The BOK argued that Bitcoin’s volatility could lead to inflated transaction costs when converting it to cash. Despite this, Bitcoin’s adoption continues to expand in various financial sectors globally.
Countries are clearly split on Bitcoin, and that raises a big question—can it really become a legitimate financial asset? If Brazil’s bill gets the green light, it could open the door for more companies to start paying workers in crypto. But South Korea and other governments aren’t sold yet.
At the time of writing, Bitcoin is sitting at $82,645.
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