According To El Salvador's Statesman; Salary Payment With Bitcoin Is Premature

According To El Salvador’s Statesman; Salary Payment With Bitcoin Is Premature

Rolando Castro; the El Salvador minister of Labor and Social Welfare stated that the country was not adequately prepared to use Bitcoin for the payment of workers salaries. According to his twitter post on Wednesday, Rolando disclaimed the news being peddled around which claims that his ministry was examining the feasibility of paying workers salaries with the coin.

Rolando emphasized that inquiries on whether the crypto will be used for salaries payments or not were too forward. He said his ministry’s primary objective was to create more rewarding means of livelihood for the citizens. He laid emphasis on the division of labour; stating that financial matters were for the economic board of which he was not a participant.

The minister made this known seven days after the country adopted crypto as a legal means of exchange. El Salvador’s president has been entertaining major crypto tycoons since the country’s adoption of crypto. Some visitors to the Central American state have posted tweets thanking the country’s president; Nayib Bukele for his warm reception of the Bitcoin disciples.

The 2001 legal dollarization of El Salvador which made dollar the money used in the country in place of the local currency; colone, also prohibits the use of any other currency apart from dollar and colone for salaries and wages payments. It is still not known if the recent acceptance of Bitcoin as legal tender will be predicated on the initial law or if other provisions will be made for it. The president’s bill categorically stated that payment of taxes could be done with Bitcoin. However, in other to ensure liability, the dollar will be employed as the reference currency.


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