Uruguay introduces a law to enable cryptocurrency payments

A Uruguayan senator presented a bill to “establish legal and safe use in activities related to the production and marketing of digital currencies”.

Uruguay proposes the cryptocurrency payment invoice

Recently, Senator Juan Satori presented a bill to regulate cryptocurrencies and enable corporations to accept payments in cryptocurrencies. As a end result, Juan Satori is the subsequent identify to join the “society of politicians” which is making an attempt to accept cryptocurrency as the mainstream. However, the senator did not make the cryptocurrency “legal tender” like in El Salvador.

Notably, the professional-cryptocurrency senator announced this difficulty on his individual twitter on August four.

“Today we present a bill, pioneering in the world, which seeks to establish a legal and safe use in activities related to the production and marketing of digital currencies in Uruguay.”

Consequently, the bill proposes that “cryptographic assets will be legally recognized and approved for use in all legitimate business activities. They will be considered as a valid means of payment and in addition to those provided by the Finance Act”.

Currently, Juan Satori is a senator of the National Party, the ruling celebration in Uruguay and holds ten of the thirty seats in the Senate. If the bill will get help, the Uruguayan government will difficulty 3 sorts of licenses to corporations that use cryptocurrencies.

• The initial lets “companies to trade any crypto-assets such as intermediaries (exchanges) with the exception of transactions of non-financial origin”.
• The 2nd license lets an authorized celebration to deposit cryptocurrency.
• The third license lets the enterprise to difficulty “cryptographies (tokens) with adequate financial characteristics”.

The National Secretariat for Combating Money Laundering and the Financing of Terrorism (SENACLAFT) will have the endeavor of “regulating, controlling and controlling” licensees.

Furthermore, Satori says that “the ratio of people investing in cryptocurrencies to the total number of residents per country is low.” He also stressed the significance of cryptocurrency regulation to “promote investment and protect investors”.

Columbia is on the lookout to strengthen the safety of cryptocurrencies

Currently, there seems to be a “surge” in South America to accept cryptocurrency payments. The commence of this “legal revolution” was El Salvador when this nation authorized Bitcoin to come to be the nationwide currency.

Paraguay is the nation following in El Salvador’s footsteps when it also filed a Bitcoin bill in July 2021. And Panama is thinking about adopting cryptocurrencies nationwide. Meanwhile, Argentina has also presented a bill that calls for staff in the import-export sector to be paid in cryptocurrency.

And now, in addition to Uruguay, Colombia is also a nation quite interested in cryptocurrencies. Notably, on July 27, Senator Mauricio Toro presented a bill that targets cryptocurrency exchanges and protects customers.

On Twitter, the senator pointed out that the bill seeks to “ensure security” in cryptocurrency transactions and get rid of the black industry. Furthermore, it is advertising cryptocurrencies as an different to the regular banking program.

If authorized, the bill would introduce rules requiring domestic and foreign cryptocurrency exchanges working in Colombia to register with the National Trade Registry.

Consequently, these corporations ought to comply with anti-revenue laundering and terrorist financing laws. It also implements know-your-consumer (KYC) and due diligence measures this kind of as reporting suspicious exercise to the Financial Intelligence and Analysis Unit.

Across the ocean, the Spanish People’s Party (PP) has also presented a bill relevant to cryptocurrencies. Specifically, the Spanish People’s Party is making an attempt to legalize the use of cryptocurrencies for home loan payments and insurance coverage.

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