A senator from the Oriental Republic of Uruguay, Juan Sartori, has presented a bill that seeks to allow crypto payments. The bill requires the regulation of cryptocurrencies to allow a secure form of payment in Uruguay. The senator spoke about the bill in a tweet posted on August 3. Noting that cryptocurrencies can be used to create investments and jobs, Sartori he pointed:
Today we present a bill, pioneer in the world, that seeks to establish a legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies in Uruguay.
Uruguay: Senator Juan Sartori presents a bill to enable crypto payments
The bill addressed the acceptance of cryptocurrencies under the law. The bill proposes that digital currencies be recognized by law, thus supporting their use in legal business. In addition, the bill allows as a form of payment, "added to those included in the Financial Inclusion Law."
Senator Sartori is a member of Uruguay's ruling party, the National Party. The party has 10 of the 30 seats in the Senate. Assuming the bills win 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 market any crypto asset, as intermediaries (exchanges), except transactions of non-financial origin." Parties approved under the second license will be able to store, safeguard, and retain crypto assets. Secondly. The third license will admit the issuance of “crypto assets or public service tokens with financial characteristics”.
In addition, the National Secretariat for the Fight against Money Laundering and Terrorism Financing (SENACLAFT) will be in charge of controlling the licensees. SENACLAFT will work on the regulation and audit of the holders of any of the licenses.
Senator Sartori further emphasized the need for crypto regulation in Uruguay. He said that the adoption of crypto regulations will protect investors and also promote investment in the country. According to the senator, the number of crypto investors in the country is low compared to its population.
Countries seek adoption of cryptocurrencies
The bill to allow crypto payments in Uruguay came when several countries are considering the adoption of cryptocurrencies. When El Salvador's President Nayib Bukele revealed his plan to introduce a bill requiring BTC as legal tender in June, Panamanian Congressman Gabriel Silva supported the idea, adding that Panama should do the same.
On July 27, Colombian Senator Mauricio Toro introduced a bill that focuses on cryptocurrency exchanges and consumer protection. The senator of Colombia said the bill seeks to "guarantee security" in cryptographic transactions. In addition, the bill aims to have an alternative to the baking system and end the black market. In addition, the Popular Party (PP) in Spain has also approved a bill that allows the payment of mortgages in crypto.