London Daily

Focus on the big picture.
Friday, Aug 08, 2025

El Salvador Considering Paying Employee Salaries in Bitcoin

El Salvador Considering Paying Employee Salaries in Bitcoin

According to Rolando Castro, the Minister of Labor and Social Welfare in El Salvador, the government is discussing whether companies in the country should pay their employees in Bitcoin.

Castro has discussed the matter of companies paying their workers in Bitcoin (BTC) with officials from the Ministry of Finance and the Ministry of Economy. His remarks come a week after the country’s Legislative Assembly approved the use of the cryptocurrency as legal tender.

El Salvador’s 2001 Law of Monetary Integration, which provided the legislative framework to eventually replace the Salvadoran colón with the U.S. dollar, states that salaries and fees may only be paid in colónes or dollars. However, the former is rarely used in the Central American nation now.

It’s unclear if the approval of Bitcoin as legal tender in the country will expand upon existing law or replace it. President Nayib Bukele’s draft of the law shows “tax contributions can be paid in Bitcoin” and “for accounting purposes, the USD will be used as the reference currency.”

Bukele has taken to social media to promote cryptocurrencies and mining in El Salvador, after first announcing he would be introducing the pro-Bitcoin legislation at the Bitcoin 2021 conference in Miami earlier this month. Last week, the president called on the state-run geothermal power company to make certain facilities available to Bitcoin miners.

Source: El Salvador Considering Paying Employee Salaries in Bitcoin – Fintechs.fi

Comments

samir sardana 4 year ago
Y not use the BTC to aid Salvadoreans,in inward and outward remittances ?

It can also be used to settle import and export payments ,especially since bulk of the imports,are from the USA,and BTC is freely used in USA.

Transfers of funds from 1 BTC to the other,is in less than 1 second,and this is a legit transfer.Even if the transfer is to a money changer in Salvador,he can sell the BTC,and pay the recipient in cash with a cash receipt.

In 1 second,the price will not vary much,and the money changer has to have standing nstructions,to sell all BTC inward remittances - in 3 second tranches. BTC or some other currency,can have an option to block the price for 3 seconds, and that quantity of BTC,will NOT BE traded for 3 seconds,and disclosed on the Crypto Exhange.Or in the alternative,some large BTC trader can offer a Put option for 3 seconds - which will be the cost for the remittance.

The savings in time and cost,will far exceed any disadvantage,and Salvadoreans will get more cash in hand,to spend and save.They could cash out in USD,or any other currency,at premium rates.

Salvadorean Money Changers and ADs,will become OBSOLETE soon. Salvadorean bankers,have to make profits from efficiencies, and NOT by gouging money from locals.

With BTC as the EXCHANGE,the nation should invite PRC and others,to tap into Peak load power plants like Hydel and Geothermal,and invite miners into Salvador,into SEZs with nil Taxes for 10 years,and guaranteed power supply. The Govtt will earn from power tarriffs,power wheeling,tax on power profits and lease charges,on the Miners

Salvador has 23 ACTIVE VOLCANOS AND SITS ON THE RING OF FIRE.THE POWER CANNOT BE USED IN SALVADOR,TO MAKE OR EXPORT ANYTHING.THE ONLY THING THAT CAN BE EXPORTED IS BTC,AND MADE BY FOREIGNERS IN SALVADOR !

IT IS A WIN-WIN !

This can be a new economic model for the nation.

ALSO SALVADOR HAS MANY PORTS WITH GOOD DRAFTS WHICH ARE VIABLE FOR RPP - ON RFO OR HSD - WHICH IS A SHIP WITH A POWER GENERATOR, WHICH WILL DROP ANCHOR AT THE PORT,AND GENERATE PEAK LOAD POWER !dindooohindoo

WITH LOW COST POWER SERVER FARMS CAN ALSO BE HOSTED IN SALVADOR!

Newsletter

Related Articles

0:00
0:00
Close
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
OpenAI Launches GPT‑5, Its Most Advanced AI Model Yet
Embarrassment in Britain: Homelessness Minister Evicted Tenants and Forced to Resign
President Trump nominated Stephen Miran, his top economic adviser and a critic of the Federal Reserve, to temporarily fill an open Fed seat
The AI-Powered Education Revolution: Market Potential and Transformative Impact
Chikungunya Virus Outbreak in Southern China: Over 7,000 Hospitalized
French wine makers have seen catastrophic damage to vines that were almost ready to be harvested after the worst fires in more than 70 years burned through the south of the country
US Lawmaker Probes Intel CEO’s China Ties Amid National Security Concerns
Brazilian President Lula says he’ll contact the leaders of BRICS states to propose a unified response to U.S. tariffs
Trump Open to Meeting Putin as Soon as Next Week, with Possible Trilateral Summit Including Zelenskiy
Katy Perry and Justin Trudeau spark dating rumors, joining high stakes world of celeb-politician romances
US envoy Steve Witkoff arrived in Moscow to seek a breakthrough in the Ukraine war ahead of President Trump’s peace deadline
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Karol Nawrocki Inaugurated as Poland’s President, Setting Stage for Clash with Tusk Government
Trump Signals JD Vance as ‘Most Likely’ MAGA Successor for 2028
US Charges Two Chinese Nationals for Illegal Nvidia AI Chip Exports
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
U.S. Tariff Policy Triggers Market Volatility Amid Growing Global Trade Tensions
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
Representative Greene Urges H-1B Visa Cuts Amid U.S.-India Trade Tensions
U.S. House Committee Subpoenas Clintons and Senior Officials in Epstein Investigation
Sydney Sweeney Registered as Republican as Controversial American Eagle Ad Sparks Debate
Trump Accuses Major Banks of Politically Motivated Account Denials and Prepares Executive Order
TikTok Removes Huda Kattan Video Over Anti-Israel Conspiracy Claims
Trump Threatens Tariffs on India Over Russian Oil Imports
German Finance Minister Criticizes Trump’s Attacks on Institutions
U.S. Proposes Visa Bond of Up to $15,000 for Some Applicants
U.S. Farmers Increase Lobbying Amid Immigration Crackdown
Elon Musk Receives $23.7 Billion Tesla Stock Award
Texas House Paralyzed After Democrats Walk Out Over Redistricting
Mexican Cartels Complicate Sheinbaum’s U.S. Security Talks
Mark Zuckerberg Declares War on the iPhone
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
×