05.08.2021 News

Will Uruguay Allow Cryptocurrency Payments?

Senator Juan Sartori decided to present a bill that regulates cryptocurrency and includes a proposal to allow companies to accept payments in cryptocurrency.

Sartori understands the importance of this market sector and therefore considers it necessary to make cryptocurrency popular in the country. But it’s worth noting that Uruguay is not yet ready to make cryptocurrency a legal tender, like in El Salvador, for example.

He considers it necessary for the cryptocurrency to be used in legal businesses, but this requires regulation at the legislative level.

“Today we present a pioneering bill in the world aimed at establishing legal and safe use in companies associated with the production and commercialization of virtual currencies in Uruguay,” the senator wrote on his Twitter account.

If the bill is supported by majority votes, the bill passes and companies would be able to receive three types of licenses: licenses for trading various crypto assets, licenses allowing the storage and protection of crypto assets, and lastly licenses permitting cryptocurrency issuance. These licenses would be regulated by Uruguay’s national secretariat (SENACLAFT).

It is important for the country to both protect and encourage crypto investors via regulation.

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