Uruguay to Regulate Bitcoin and Other Cryptocurrencies

Briefly

  • Juan Satori, Uruguayan Senator, announces a bill to regulate the crypto market.
  • The politician joins a long list of Uruguayan politician that want to explore the cryptocurrency adoption.
  • The proposal suggests that the law should legalize crypto in all legal enterprises.

Juan Satori, a Uruguayan Senator, proposed a bill to monitor cryptocurrency and allow companies to accept crypto payments. Keep in mind that the official has joined an expanding list of South American politicians and Spanish-speaking countries exploring cryptocurrency adoption.

Meanwhile, Satori does not advocate using cryptocurrency as a legal tender as El Salvador did. The politician wants a secure crypto business environment through legal procedures.

The proposal aims to ensure digital coins are acknowledged by law and certified for any lawful enterprise. That way, crypto-assets can act as a valid mode of payments. Moreover, digital assets will enjoy financial inclusion by the Uruguayan government.

Keep in mind that the authority will have to use three licenses to companies using digital coins. Also, the Senator belongs to the Uruguay ruling party.

With the first license, companies can trade the crypto of their choice. However, it excludes transactions that do not involve finances. Firms with the second license can store, hold and protect digital assets. Meanwhile, the third license will allow the issuance of digital tokens with monetary features.

Benefits of Crypto

  • Transactions

In traditional businesses, legal reps, agents, and brokers might complicate transactions that could be straightforward. That is because of the brokerage fees, commissions, and paperwork that might apply. The best thing is that crypto is a one-to-one affair involving a peer-to-peer network that cuts out intermediaries. That ensures clarity in crypto undertakings.

  • Asset Transfer

The best thing about the blockchain networks us that it facilitates asset transfer. As a crypto holder, you are in control of your account. You can minimize the expenses and time required to complete asset transfers.

  • Security

The best thing about crypto transactions is that they are irreversible. That prevents online fraud as it will require agreement between buyers and sellers in case of transaction mistakes. Also, the encryption techniques ensure safe crypto activities.

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