A senator from Uruguay has introduced a bill to allow businesses to
accept cryptocurrencies as payments and regulate their use within the South
American country.
The bill, which was
presented on Tuesday by Sen. Juan Sartori, seeks to provide “legal, financial
and fiscal security in the business derived from the production and
commercialization” of cryptocurrencies.
“Crypto assets will be recognized and accepted by law and applicable in
any legal business. They will be considered a valid means of payment, in
addition to those included in the financial inclusion law, as long as they
comply with the rules set forth in the law and the regulations,” the bill said.
Sartori’s bill would establish that cryptocurrencies “are products of
free sale by those entities and individuals who wish to commercialize them,”
and states that any natural or legal person “may receive and/or send funds in
legal tender from and to their own bank accounts or those of licensed
companies.”
However, the bill stops short of actually treating cryptocurrencies as
legal tender, he told CoinDesk.
If the bill becomes law, the government would issue a “first license”
that would enable companies to trade crypto assets on exchanges. A second
license would allow “storing, holding or safekeeping crypto assets,” while a
third would be used to issue crypto assets or utility tokens with “financial
characteristics.”
According to the bill, Uruguay’s executive branch would grant the
licenses to entities that are in compliance with anti-money laundering
secretariat (Senaclaft) and the Central Bank of Uruguay. For other
transactions, the “use of all these instruments will be free and will not
require prior consent, permits or licenses.”
Sartori’s bill also stipulates the regulation of crypto mining. Miners
wouldn’t need a special license like a doctor, but would need permits from
Uruguay’s Ministry of Industry, Energy and Mining in order to operate.
The measure also includes the “promotion of technical training for
electrical, civil and computer engineers in the generation of virtual assets.”
According to the bill, Senaclaft “will keep a registry of virtual asset
service providers” and of those individuals or legal entities that wish to
carry out activities of generation and commercialization of virtual assets.
Sartori belongs to the ruling National Party. He ran for the National
Party’s nomination for president in 2019.
In the Senate, the National Party and its allies, which form a coalition
named Coalición Multicolor, hold the majority, with 17 of the 30 seats.
To date only one country has adopted bitcoin as legal tender: El
Salvador, which approved a bill earlier this year.
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