A senator from the Eastern Republic of Uruguay, Juan Sartori, has presented a bill that aims to allow payments in cryptocurrencies. The bill provides for the regulation of cryptocurrencies to allow a secure form of payment in Uruguay. The senator talked about the bill in a tweet posted on August 3. Noting that cryptocurrency can be used to create investments and jobs, Sartori said: "Today we present a pioneering bill that seeks to establish legitimate, legal and safe use in businesses related to the production and marketing of virtual currencies. in Uruguay ".
Uruguay: Senator Juan Sartori presents the bill to enable crypto payments
The bill concerned the acceptance of cryptocurrencies under the law. The bill proposes that digital currencies be recognized by law, thus supporting their use in legal activities. In addition, the bill allows as a form of payment, “in addition to those included in the Financial Inclusion Act”.
Senator Sartori is a member of Uruguay's ruling party, the National Party. The party holds 10 of the 30 seats in the Senate. Assuming the bills get support, the Uruguayan government will provide three types of licenses for all types of businesses that use cryptocurrencies.
The first license will allow “companies to trade any crypto-assets as intermediaries (exchanges) except transactions of non-financial origin”. Parties approved with the second license will be able to store, safeguard and preserve cryptographic assets. On the other hand. The third license will support the issuance of "crypto-assets or utility tokens with financial characteristics".
In addition, the National Secretariat for Combating Money Laundering and the Financing of Terrorism (SENACLAFT) will have the task of supervising license holders. SENACLAFT will work on the regulation and control of the holders of both licenses.
Senator Sartori also stressed the need for cryptocurrency regulation in Uruguay. He said adopting crypto regulations will protect investors and also promote investment in the country. According to the senator, the number of cryptocurrency investors in the country is low relative to its population.
Countries seek the adoption of cryptocurrencies
The bill to enable crypto payments in Uruguay has come as several countries are looking into the adoption of cryptocurrencies. When El Salvador President Nayib Bukele revealed his plan to file a bill requiring BTC (quotation bitcoin) as legal tender in June, Panamanian MP Gabriel Silva backed the idea, adding that Panama should follow suit.
On July 27, Colombian Senator Mauricio Toro presented a bill focused on cryptocurrency exchanges and consumer protection. The Colombian senator said the bill aims to "ensure security" in crypto transactions. Furthermore, the bill aims to have an alternative to the cooking system and to put an end to the black market. In addition, the People's Party (PP) in Spain has also approved a bill that allows mortgage payments in cryptocurrencies.