Uruguayan Senator Proposes Bill to Make Crypto Legal Tender
Uruguayan lawmaker Juan Satori has proposed a bill in a bid to allow cryptocurrency payments.
According to his tweet on August 4, Satori’s proposed bill seeks to provide “legal, financial and fiscal security in the business derived from the production and commercialization” of cryptocurrencies.
Details of the Bill
The bill states that crypto assets will be recognized and accepted by the law and applicable in any legal business. In addition, they will be considered a valid means of payment, added to those included in the Law of Financial Inclusion.”
In a recent interview, Senator Sartori noted that the bill would ensure cryptocurrencies “are products of free sale by those entities and individuals who wish to commercialize them.” He also stated that “any natural or legal person may receive or send funds in the legal tender from and to their bank accounts or those of licensed companies.”
Senator Satori is a member of the National Party, which is the ruling party of Uruguay. If the bill becomes law, companies will receive three licenses from the government.
Uruguay’s Plight on Crypto
A “first license” would enable the companies to trade crypto assets on various exchanges. A second license would allow storage, holding, and safekeeping of crypto assets by these companies. Finally, a “third license” would permit the issuance of crypto-assets or utility tokens with “financial characteristics.”
If the bill becomes law, Uruguay’s National Secretariat for the Fight Against Money Laundering and Terrorism Financing (SENACLAFT) will regulate, control, and audit the license holders.
Satori believes that the percentage of people investing in cryptocurrencies is low compared to the total number of inhabitants per country. Therefore, he emphasized the essence of adopting crypto regulation to promote investments and protect investors.
Crypto Adoption in South American Countries
The senator joins a list of South American politicians and Spanish-speaking nations that have adopted cryptocurrency in the mainstream. However, he is not proposing the use of crypto as legal tender like in El Salvador.
In other news, MercadoLibre (MELI), the largest Latin American online marketplace, launched a real estate section that accepts cryptocurrencies on April 28. Note that the company does not directly transact with cryptocurrency, but it agrees with the category as a mode of payment.
The retailer company is worth more than $81 billion and is the second-largest company in South America. It is present in 18 countries which include Argentina, Brazil, and Mexico.
The company also owns Mercado Pago and Mercado Envios. Mercado Pago is a digital payments system for online and offline transactions, while Mercado Envios is a logistics platform that provides warehousing, fulfillment, and shipping services.
It has established itself in places like Santa Fe, Buenos Aires, and Cordoba, offering condos, vacant lots, houses, land, and commercial real estate services.
