Rage over Bitcoin: Cryptocurrency regulation is advancing in many countries

Advance Bitcoin Regulatory Initiatives

More and more countries in Latin America continue to join the wave of regulating bitcoin and other cryptocurrencies. In Colombia, congressman Mauricio Toro Yesterday, she announced her proposal for a law to regulate cryptocurrency. While in Uruguay, Senator Juan Sartori presented a project to the General Assembly that would have the country have a closer relationship with digital asset trading and mining.

This new wave led by El Salvador, by adopting bitcoin as a legal currency, has had an impact across the region. Some countries are also considering adopting cryptocurrencies, and others are trying to regulate them. At the beginning of July, in Argentina, National Representative Jose Luis Ramón promoted a new bill to promote cryptocurrency in the country, something similar happened in Colombia and Uruguay.

On his Twitter account, Toro spoke about his bill, saying: “We will create a comprehensive regulation for crypto-asset trading, close the doors to black markets, have alternatives to the banking system and ensure security in transactions.”

Mauricio Toro Promotes Cryptocurrency Law
Mauricio Toro Promotes Cryptocurrency Law

This isn’t the first time a congressman has asked for approval of this project; Last year, his proposal was awaiting a concept to be issued by the Columbia Financial Supervisory Authority (SFC), which finally halted the start of the four debates needed to become law.

Now, this law, which grew out of discussions with unions, private entities, and organizations, is returning to Congress with new hopes of becoming law.

Toro highlighted, “What we are looking for is to give regulations for crypto-asset transactions that are already recognized in Colombia and also to open doors for exchanges so that they come to a country where they do collectively with them. The economic opportunity is there and we cannot continue to give up space for other countries.”

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finallyThe Toro Bill seeks to prevent money laundering and describes cryptocurrencies as a “means of exchanging goods and services.” It cannot be legal tender, bonds representing legal tender or foreign currency.

On the other hand, the businessman and senator introduced the bill in Uruguay Juan Sartori By the National Party seeks to provide legal support to companies and operators who use BTC as a means of payment or exchange. The senator showed his interest in the first digital currency to the public on his Twitter account, where he advocated for the operation of cryptocurrency.

Uruguayan Senator Juan Sartori of the National Party
Uruguayan Senator Juan Sartori of the National Party

Later I mentioned it “Cryptocurrencies are an opportunity to create investment and employment. Today we present a world-leading bill that seeks to establish a legitimate, legal and secure use in businesses related to the production and marketing of virtual currencies in Uruguay.”

Contrary to what is happening in Colombia, the Uruguayan legislator said that there is a low percentage of investors in cryptocurrency in his country. However, he emphasized that the panorama could change in a short period of time because if the law were approved, the country could become a “world leader” regulating the use, storage, exchange, emissions and transactions of BTC.

The presentation of the bill in Uruguay came a few weeks after a very similar bill was presented to Congress in Paraguay. For this reason, some investors believe Uruguay is following in their footsteps. According to Sartori, “Bitcoin” companies have already shown interest in investing in Uruguay.

This is how countries continue to join in supporting and adopting cryptocurrencies and taking advantage of blockchain and new technologies, as well as countries that are not in favor of it, in an effort to regulate them and benefit from the transactions that are being generated there.

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Freddie Dawson

"Beer specialist. Award-winning tv enthusiast. Bacon ninja. Hipster-friendly web advocate. Total social media junkie. Gamer. Amateur writer. Creator."

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