Uruguayan senators proposed a bill to classify bitcoin and cryptocurrency as legal tender

According to Juan satori’s draft, “cryptocurrency assets will be recognized and accepted by law and will apply to any legitimate business. They will be seen as an effective means of payment and incorporated into the Inclusive Finance Act. ” If approved, this means that businesses in the country’s jurisdiction will now be allowed to accept cryptocurrency as a means of payment in their goods and services.
Senator Juan satori is a member of Uruguay’s ruling party. The party has a majority in the country’s parliament, 10 out of 30. This may be a bonus to the bill, under which the government will issue three types of licenses to businesses. With the first license, businesses can “trade cryptocurrency assets.”. The second license allows them to “store, retain, or protect encrypted assets,” that is, they can provide hosting services for customers. The final license will allow these companies to issue “crypto tokens with financial characteristics.”. In addition, the act empowers the National Secretariat to combat money laundering and the financing of terrorism to supervise, control and audit licensees from time to time. Since the news spread that bitcoin will be used as legal tender in El Salvador, many countries and regions have also stepped up the use of digital assets as legal tender in their countries. According to available information, countries such as Panama, Paraguay, Mexico and Argentina have introduced a cryptocurrency related bill. These banknotes are mainly to encourage the use of these virtual currencies in the country.

Leave a Reply

Your email address will not be published. Required fields are marked *