09.12.2021

Uruguay will consider a bill to legalize and regulate cryptocurrencies

Uruguayan Senator Juan Sartori has introduced a bill that allows businesses to accept cryptocurrencies as a means of payment and also regulates their use in the country. 

“Crypto assets will be accepted in any business. They will be considered a legal means of payment in addition to those already included in the law on financial inclusion, ”the document says.

Uruguay has developed a bill to legalize the use of cryptocurrencies as a means of payment.

Cryptocurrencies will not become a required means of payment.

Also, the bill allows cryptocurrency mining.

Sartori offers free, not mandatory use of cryptocurrencies. This is how this innovation differs from the measures that were taken in El Salvador. There, all suppliers of goods and services are required to accept bitcoin in the event that the buyer has shown a desire to pay them.

In Uruguay, cryptocurrencies are not positioned as legal tender. That is, they can be used, but only by mutual agreement of all participants in the transaction.

If the bill is passed, the Uruguayan authorities will start issuing licenses for the ability to provide services in the field of cryptocurrency trading. Also, licenses for the storage of cryptoassets and their creation will be issued separately.

All licenses will be issued only to those organizations that meet the requirements of the country’s Central Bank in the field of combating money laundering.

The bill also proposes to regulate cryptocurrency mining. Miners will not need to obtain a special license to mine cryptoassets, however, it is still necessary to obtain permission from the Ministry of Industry, Energy and Mines of Uruguay.

Colombian Senator Mauricio Toro introduced a similar bill in late July. It aims to ensure the security of cryptocurrency trading, reduce the risks of using cryptoassets on the black market, and promote cryptocurrencies as an alternative to the traditional banking system.

The bill implies that local and foreign cryptocurrency exchanges operating in the country must register with the state trade register. They must comply with anti-money laundering and terrorist financing laws, implement customer protection measures, and report any suspicious cryptocurrency activity to financial regulators.

Last month, Congressmen in Paraguay also published a cryptocurrency regulation bill, but it was criticized by the cryptocurrency community.

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