Uruguay parliament may accept the bill to regulate cryptocurrencies in the country

A senator from Uruguay has introduced a bill to allow the use of cryptocurrencies as payments in contracts and would regulate their use within the South American country.

A powerful young Uruguayan entrepreneur and senator has launched a bill that would ensure that businesses in the country can legally accept crypto as payments.

Following El Salvador, Uruguay also introduced a bill allowing cryptocurrencies to be accepted as payment methods in the country. The bill was submitted by senator Juan Sartori. It aims to provide “legal, financial and tax security in the business of creating and marketing” cryptocurrencies.

The goal is for cryptocurrencies to be recognized as legal payment methods so that they can be used in related activities. Here is an English translation of Sartori’s post about the bill from the politician’s Twitter account:

“Cryptocurrencies are an opportunity to attract investment and jobs. Today we present a groundbreaking bill aimed at the legality and security of activities related to the creation and commercialization of virtual currencies in Uruguay.”

Senator Sartori is also a businessman, founder and executive director of Union Group, which manages private investments in Latin America. His party has the second largest number of parliamentarians in the country.

In this regard, it is possible that the bill presented by Sartori will be approved by Parliament and will enter into force in the coming months. As a result, companies will be able to accept cryptocurrencies as a means of payment. The bill states that cryptocurrencies should be considered “free sale products of those entities and individuals who wish to sell them.”

If the bill is approved, the government would have to issue licenses that would allow companies to trade cryptocurrencies on exchanges. Other types of licenses cover the ownership and storage of cryptocurrencies, and also the issuance of crypto assets, including utility tokens.

Anyone planning to create and trade virtual assets would have to register with the state agency Senaclaft, which is responsible for combating money laundering and the financing of terrorism. In addition, the bill regulates cryptocurrency mining, and businesses that mine digital assets would not need a special license but would have to obtain a permit from Uruguay’s Ministry of Industry.

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