Senator Juan Sartori introduced a bill to allow businesses to accept cryptocurrency payments.
However, the bill would not treat crypto as a legal tender.
The development follows a stream of similar decisions in South Americana and Spanish-speaking countries.
NEW DELHI (CoinChapter.com) — Uruguay seems poised to join the list of countries leading cryptocurrency adoption, as Uruguayan Senator Juan Sartori introduced a draft bill that enables businesses to accept crypto payments. In addition, the bill will also help regulate cryptocurrency.
However, the bill will not introduce crypto as legal tender in the country. Instead, it would only allow businesses to accept crypto as payment. Currently, South American and Spanish-speaking countries are leading the world in the mainstream adoption of cryptocurrencies.
Uruguay’s Crypto Bill
The bill, introduced on August 3, aims to promote investment and protect investors “by establishing clear rules, legal, financial, and fiscal security” in virtual asset-based businesses. Additionally, the bill promises legal acceptance of virtual assets.
Moreover, cryptocurrency would be a valid means of payment as long as it complies with legal and regulatory norms.
The bill includes a provision to issues licenses to those economic agents who meet the requirements of SENACLAFT (National Secretariat for the Fight Against Money Laundering and Terrorism Financing) and the Central Bank of Uruguay.
However, only those economic agencies will require licenses whose operations are subject to anti-laundering control. The use of crypto instruments will not require permits or prior permission in other cases.
The bill introduces three types of licenses, the first of which enables companies to trade any crypto-asset ‘except transactions of non-financial origin”.
The second license allows for storing, retaining, and safeguarding cryptocurrencies or assets.
Finally, the third type of license is for individuals or firms that wish to issue crypto-assets with financial characteristics.
Cryptocurrencies are an opportunity to create investment and work. Today we present a bill, pioneer in the world, that seeks to establish a legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies in Uruguay.
Additionally, while mining activities will not require special licenses, the Ministry of Industry will regulate, control, and audit entities carrying out mining operations.
The Senator highlights that the percentage of the population investing or transacting in cryptocurrencies worldwide is low at present. However, he asserts that the numbers will increase and that “we are not far from distant reality becoming the near future.”
South America’s Attraction To Cryptocurrency
Uruguay is the latest addition to the list of countries that view cryptocurrency adoption as a positive step forward for their economies.
Interestingly, the majority of these countries belong to the South and Central American region. For example, two Paraguayan Senators introduced a bill on July 14 to attract investment and promote crypto mining in the region. Moreover, the bill also seeks to regulate crypto markets to establish financial, fiscal, and legal security rules.
Meanwhile, Panama is looking to follow in El Salvador’s footsteps in making cryptocurrency a legal tender. Argentina also joined the fray by presenting a bill that would allow workers to receive their partial or full salary in cryptocurrency.
Argentine Chamber of Deputies member José Luis Ramón believes this will strengthen the workers’ autonomy.
Columbia’s Senator Mauricio Toro introduced a crypto bill on July 27. The senator stated that the bill would target black markets. Moreover, it will regulate crypto trading and guarantee security in transactions.
The increasing acceptance of crypto in Spanish-speaking countries may pave the way to its global adoption. Moreover, efficient transaction time and decreasing fees augment crypto’s case for mainstream financial inclusion.
The crypto total market cap rose by 4.67% on August 4 to reach $1.614 trillion. However, at the time of writing, the market was at $1.568 trillion, down by 2.85% on the day.
A Delhi-based Markets writer, I did my bachelor's in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.
European Central Bank board member believes Bitcoin creator Satoshi Nakamoto did not understand money, warns of dangers from cryptocurrencies
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.