Senator in Uruguay introduces bill to allow for crypto payments

  • Senator Juan Sartori of Oriental Republic of Uruguay introduced a bill to enable crypto payments.
  • If approved, the Uruguayan government will issue three types of licenses to businesses using cryptocurrencies. 

A senator of the Oriental Republic of Uruguay, Juan Sartori, has introduced a bill that seeks to allow crypto payments. The bill calls for crypto regulation to enable a secured form of payment in Uruguay. The Senator talked about the bill in a tweet posted on the 3rd of August. Noting that cryptocurrency can be used to create investment and work, Sartori noted:

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 introduces bill to enable crypto payments

The bill addressed the acceptance of cryptocurrencies under the law. The bill proposes that digital coins be recognized by the law, hence supporting their use in legal businesses. In addition, the bill allows as a form of payment, “added to those included in the Law of Financial Inclusion.”

Senator Sartori is a member of the ruling party of Uruguay, the National Party. The party holds 10 of the 30 seats in the Senate. Supposed the bills gain support, the Uruguayan government will provide three types of licenses for all kinds of businesses using cryptocurrencies. 

The first license will allow “companies to trade any crypto-asset such as intermediaries (exchanges) except transactions of non-financial origin.” Approved parties under the second license will be able to store, safeguard and hold on to crypto assets. On the other hand. The third license will support the issuance of “crypto-assets or utility tokens with financial characteristics.”

Furthermore, the National Secretariat for the Fight Against Money Laundering and Terrorism Financing (SENACLAFT) will be in charge of controlling license holders. SENACLAFT will work on regulating and auditing holders of either of the licenses. 

Senator Sartori further stressed the need for crypto regulation in Uruguay. He said that adopting 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 crypto adoption

The bill to enable crypto payments in Uruguay came as several countries are looking at crypto adoption. When El Salvador’s president Nayib Bukele revealed his plan to submit a bill demanding BTC as a legal tender in June, Panamanian congressman Gabriel Silva supported the idea, adding that Panama should follow suit. 

On the 27th of July, Colombia’s Senator Mauricio Toro introduced a bill focusing on crypto exchanges and consumer protection. The Colombia Senator said the bill seeks to “guarantee security” in crypto transactions. Additionally, the bill aims to have an alternative to the baking system and put an end to the black market. Additionally, The People’s Party (PP) in Spain has also passed a bill that enables mortgage payments in crypto. 

Read More: Spain’s leading opposition party proposes a bill allowing mortgage payments in crypto

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Bio: Ibukun Ogundare is a crypto writer and researcher who uses non-complex words to educate her audience. Ibukun is excited about writing and always looks forward to bringing more information to the world.

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