London Daily

Focus on the big picture.
Saturday, Jul 19, 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
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
×