Uruguayan senator proposes bill to regulate cryptocurrencies

Uruguayan senator Juan Sartori has introduced a bill to regulate cryptocurrencies and to allow payments in digital assets, including for companies.

Cryptocurrencies are an opportunity to create investment and jobs. Today we present a bill, a world pioneer, that seeks to establish legitimate, legal and safe use in businesses related to the production and marketing of virtual currencies in Uruguay.

— Juan Sartori (@JuanSartoriUY) August 3, 2021

“Cryptocurrencies are an opportunity to create investments and jobs. Today we presented a bill, a world pioneer, the aim of which is to establish legitimate, legal and safe use in business related to the production and sale of virtual currencies in Uruguay,” Sartori wrote.

The document envisages that the use of digital assets will be legal in any legitimate business. They will be recognised as a legitimate means of payment in addition to those established by law.

The bill provides for three types of licenses for cryptocurrency-using enterprises: for trading intermediaries, for custodial services, and for mining of virtual assets.

Sartori argues that enacting regulation is important to spur investment and protect investors.

The senator does not propose giving Bitcoin official status as a legal means of payment, was done in El Salvador.

Earlier in neighboring Paraguay, announced a bill concerning the first cryptocurrency, but the country does not intend to follow El Salvador’s lead.