TL;DR Breakdown
• The Uruguay Senate recognizes cryptocurrencies and would allow regulation of virtual payments.
• The government will grant licenses for the use of crypto payments.
Juan Satori, an Uruguay senator, is a crypto fan and wants to recognize Bitcoin as legal currency. Satori showed a bill in the Latin American country seeking to regulate and favor crypto payments in companies.
According to the bill, the government will grant a license to companies that want to use crypto payments. However, these companies must comply with the Senaclaft laws and the Uruguayan banking entity. The bill dictates that all these licenses will be free and will not need permission from other institutions.
Crypto payments for trading
Uruguayan authorities propose a law that allows companies to accept crypto payments freely. If accepted, companies can use cryptocurrencies as a source of income to cover their services.
This measure will increase the company’s trade and even help them expand its operations internationally. For now, cryptocurrencies are used in Uruguay for passive investment purposes among enthusiasts in the region.
Satori belongs to the governing party in Uruguay. The party has 10 of 30 members in the legislative order; this party occupies the Parliament majority, so it has priority in decision-making.
Everything points to why the Parliament in charge wants to regularize cryptocurrencies in Uruguay. This brings benefits for the reform that will give the government three models of commercial licensing.
Uruguay to create licenses to trade cryptocurrencies
The beneficiary companies in the country have the power to exchange their cryptocurrencies with the appropriate license. Using the first license, these companies can freely trade the tokens within Uruguay. With the second license, organizations can access crypto payments; they can also store crypto assets.
The bill allows government authorities to create licenses for companies operating in the financial market. This project also gives priority to the organization that fights against virtual crime and money laundering within Uruguay. In this way, the organization complies with verifying the crypto payments that each approved company completes.
The organization can also control and approve the companies that hold these licenses. Other countries in Latin America continue in their dispute over cryptocurrencies and their legality.
The El Salvador government became the first country in Central America to approve crypto payments in 2021. The government led by Nayib Bukele freely accepts the Bitcoin trade and plans to use it for financial services. Some countries close to El Salvador have also thought about including laws that favor the crypto market.
Returning to the reforms in Uruguay, these crypto payments may enter circulation by September. There is still no indication of the cryptocurrency set to be legalized in the country. However, according to speculation, it may be Bitcoin.
