El Salvador’s government is discussing if companies should pay their workers with Bitcoin, according to a tweet by a local radio station, 107.7 Fuego, on June 15.
El Salvador’s Minister of Labor Rolando Castro said three other government ministries were considering the possibility of companies paying workers’ salaries in BTC. The decision will be made once the country’s Bitcoin legal tender status comes into law. The ministry of labor will coordinate with the ministries of the economy and finance to put the plan forward.
El Salvador Setting the Pace With BTC Adoption
While El Salvador has been criticised by financial institutions for putting BTC as legal tender, the crypto community has praised the move as one of the key steps towards global adoption. The country now plans to use its wasted energy to mine Bitcoin in the country, using its state-owned geothermal electric company.
El Salvador has become a pacesetter for BTC adoption and other countries are now following its example. While many at first thought it would come from powerful countries like the US or Japan, adoption is taking place in less developed countries. Besides, Bitcoin and cryptocurrencies could help the unbanked – 75% of Salvadoreans are unbanked – to become more financially independent.
Tesla to Reconsider BTC Transactions … With One Condition
El Salvador and Elon Musk are the two main topics of discussion in the crypto community right now. While El Salvador prepares to make Bitcoin its official currency, Musk stated that Tesla could resume allowing BTC payments if its energy consumption were reduced by 50%.
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