Uruguay is reportedly making progress in accepting cryptocurrencies into part of the economy.
Following that, Senator Juan Satori has proposed a bill which will regulate cryptocurrency while allowing businesses to accept crypto payments.
However, the proposal put forward is not the same as the idea of the president of El Salvador, Nayib Bukele who made the cryptocurrency a legitimate tender.
Under the bill, crypto assets will be recognized and accepted by law, and can be used in any legitimate business.
Not only that, crypto assets will also be considered as a legitimate medium of payment, also included in the financial inclusion law as long as it complies with the established rules.
If the bill is accepted by a majority, the government will issue three types of licenses for businesses using crypto:
A license that allows companies to trade crypto assets on exchanges.
Licenses that allow the activity of storage or ownership of crypto assets.
Licenses used to issue crypto assets or utility tokens with financial characteristics.
The licenses are under the jurisdiction of the National Secretariat for the Fight Against Money Laundering and Terrorism Financing (SENACLAFT).
In addition to Uruguay, several other South American countries such as Paraguay, Panama, Argentina, and Columbia have also begun to work on the use of crypto in parts of their respective economies.
