A Senator In Uruguay Introduces A New Bill To Regulate Crypto Assets

Juan Satori, a senator in Uruguay, recently introduced a new bill that will help build a legal, legitimate, and safe use pertaining to any businesses that may wish to be involved with both the commercialization and production of digital currencies, in which cryptocurrencies are also included.

Senator Satori felt as if the bill was needed due to the rapid rise of the crypto industry and its popularity, and thus, he feels as if the government has to do its part to appropriately regulate it so that businesses may start accepting payments made in crypto soon.

Similarities to El Salvador

Much like President Nayib Bukele, Juan Satori is the latest member of an ever-growing list of senators, politicians, and various government officials who wish to contribute towards making cryptocurrency adoption more mainstream. However, unlike El Salvador’s leader, Satori has no plans of accepting cryptocurrencies as legal tender and is only concerned with ensuring the safety and security associated with potentially allowing payments to be made in crypto for the time being.

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Under this new bill, cryptocurrency assets shall be officially acknowledged and subsequently accepted via the law. Once the bill has been fully passed, Uruguay’s citizens can begin paying in crypto as long as the businesses that accept such payments are legitimate and genuine.

Could Columbia be next?

Apart from Uruguay, other nations such as Paraguay, Panama, Argentina, and Bolivia are all working towards accepting crypto in varying degrees and bringing the new digital asset class into the fold in different ways. It would therefore make sense to presume that Columbia will be the next country to join this list, as the nation’s Senator Mauricio Toro had presented a new bill of his own on the 27th of July, which was mainly concerned with consumer protection and cryptocurrency exchanges.

Senator Toro essentially wants to guarantee the security of the cryptocurrency transactions and the safety of the consumers before promoting crypto as a viable alternative to that of the tried and tested traditional banking infrastructure.

In related news, Spain is also considering adopting crypto, and as such, a new cryptocurrency bill had recently been brought forth by the nation’s PP (People’s Party), which actively seeks to make the usage of blockchain technology and crypto legal for the purposes of insurance and mortgage. If passed, the bill will do its part in introducing smart contracts to be used for automating the management systems for both insurance and mortgage processes.