Uruguayan Lawmaker Proposes Bill Support Crypto for Payments

Uruguayan senator introduced a bill that will allow businesses to take cryptocurrencies as payments and regulate their use in the country.

On Tuesday, Sen. Juan Sartori introduced the bill to provide financial, legal, and fiscal security in the business acquired from the commercialization and production of cryptocurrencies.

Country law will recognize and accept Crypto assets. The bill said that Crypto could be considered a legitimate payment. Especially, as long as it complies with the rules set by law and the regulations.

Sartori’s bill would prove that cryptocurrencies are free sale products by entities and individuals willing to commercialize them.

He also stated that any legal person or licensed companies might receive or send funds in the legal tender from their bank accounts.

He also told CoinDesk, that the bill might stop treating cryptocurrencies as legal tender.

If the bill manages to become a law, the government will issue a first license that would allow companies to exchange crypto assets on exchanges.

A second license would allow collecting or holding crypto assets. Meanwhile, a third license comes into use to issue crypto-assets with financial characteristics.

Overview

According to the bill, the executive branch of Uruguay would grant licenses to the Central Bank of Uruguay. Meanwhile, other entities comply with the anti-money laundering secretariat. For other transactions, it will be free of charge without any prior consent or licenses.

Sartori’s bill also specifies the regulation of crypto mining. Miners would need permits from Uruguay’s Ministry of Industry to operate instead of a special license like a doctor.

These measures also include promoting technical training for electrical and computer engineers in virtual assets.

According to the bill, the company plans to keep a registry of virtual asset service providers and legal entities willing to carry out commercialization activities of virtual assets.