Senator in Uruguay Introduces Bill that Encourages Crypto Payments

A Uruguay-based senator brought forward a bill, seeking to create a proper, safe, and most importantly, safe use of crypto payments. He aims to introduce virtual currencies, making sure payments are easier and more efficient.

The senator, whose name is Juan Satori brought about a bill for regulating cryptocurrency and bringing organizations to accept payments made from crypto. What’s more, Satori essentially joined a list of individuals coming from South American countries looking to create a formidable regime. The main goal shared between all of them is to make sure that crypto becomes as mainstream as possible.

Contrary to popular belief, however, the senator doesn’t propose crypto use like the legal tender it was in Salvador. What’s more, the Senator made a tweet during the 4th of august where he claimed that he was presenting a bill that sought to create a legal and legitimate safe use of crypto in businesses.

The proposition that this bill offers is that crypto-based assets would essentially be accepted and recognized by law. In addition, they will be applicable for any business that is legal. The bill also makes it very clear that crypto would be a valid payment which would also be present in the highly popular Law of Financial Inclusion.

For those who do not know, the Senator is part of the National Party. This party is the most revered ruling Party in Uruguay and is responsible for ten out of the thirty seats present in the senate. The government plans to offer three different kinds of business licenses if this proposed bill gets its due support.

The first plan would give companies the freedom for trading any type of crypto-based asset like intermediaries with nonfinancial transactions being the only exception. In the second license, approved parties would get the freedom to safeguard, retain or even store their crypto-based assets.

Finally, the third license would give green light to the crypto asset issues along with utility tokens that possess characteristics of a financial nature. The National Secretariat of the country also believes that this initiative will prove to be incredibly helpful in Uruguay’s fight against money laundering.

Satori further stated that the number of individuals who planned or have already invested in crypto compared to the number of people in the country is on the lower side. He also stressed the importance of getting crypto regulation in order to protect investors by promoting investments.