Is it possible for wages to be paid with bitcoins in Uruguay?
Given the growing use of cryptocurrencies worldwide, within these the bitcoin (BTC), it is necessary to analyze the applicable legal framework to detect possible changes or updates. One of the aspects included in this analysis refers to the possibility of paying workers' wages in bitcoins. This arti...
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| Format: | article |
| Language: | Spanish |
| Published: |
2021
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| Online Access: | https://revistas.ucu.edu.uy/index.php/revistadederecho/article/view/2558 https://hdl.handle.net/10895/7278 |
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| Summary: | Given the growing use of cryptocurrencies worldwide, within these the bitcoin (BTC), it is necessary to analyze the applicable legal framework to detect possible changes or updates. One of the aspects included in this analysis refers to the possibility of paying workers' wages in bitcoins. This article seeks, from a mainly legal and economic approach, to legally conceptualize bitcoin and then evaluate whether the current legislation in Uruguay enable the payment of salaries with this cryptocurrency. It is concluded that in Uruguay there are legal limitations for minimum wages to be paid with other means than the national currency, although a partial payment with BTC could be established through the mechanism of Wage Councils. For the part of the salary that exceeds the minimum there would be no inconveniences, whether BTC is considered as private money or as a "common" incorporeal good. |
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