Senator Juan Sartori of Uruguay has introduced a bill to enable businesses to accept crypto as payment and legislate their use in the South American country.
scop of acest drept is la legaliza virtual bunuri as a mijloace of plată și la accepta lor as Moneda, astfel furnizarea securitate pentru il producere of virtual bunuri și il tranzacții transportate afară cu lor. "
Unlike El Salvador’s Bitcoin bill, which makes only BTC legal tender, this bill specifically mentions Bitcoin only as an introductory concept to illustrate the beginning of a new “digital protocol,” and the formation of the “Internet of Value.”
As such, one would assume that Senator Sartori intends to legitimize more than just Bitcoin.
Uruguay Sees The Benefits
In reality, crypto remains a niche offering, with a total market cap of a fraction of legacy markets. However, while the proiect de lege acknowledges this, it also implies that things may change in the near future.
With that in mind, it goes on to state the purpose of the bill is to establish clear rules now in anticipation of this future.
In comandă la promova investiţie și protecţie of investitorii acest proiect drept isi propune la stabili clar norme, legal, financiar și impozit certitudine in buseninătate derivat din producere și marketing of Virtual Bunuri, de asemenea cunoscut as cripto-active, cryptocurrencies și jetoane din blanț de blocare tehnologie. "
Getting ahead of the curve, so to speak, the bill states Uruguay needs to promote crypto inclusive policies to aid economic development in the country.
It mentions crypto mining, saying, by providing a legal framework, companies can correctly account for their dealings. The added benefit is a more streamlined tax collection on such activities.
We bridica acea acest produs, care is il rezultat of industrial prelucrare, să be inclus in il înregistrări of il cele. It is important pentru companii la be capabil la Inregistreaza-te acestea produse in lor Conturile so acea ei poate să conta on lor curent evaluare, în plus ajută la optimiza il impozit colectare of acest industrie. "
All in all, this represents a massive step forward for the cryptocurrency industry at the national level. If passed into law, the bill would require crypto entities to have licenses within a three-tiered system.
Is The Latin American Crypto Revolution Back On Track?
Following El Salvador’s pro-Bitcoin moves back in iunie, representatives from a flurry of Latin American countries also signaled their intent to follow suit.
But in most cases, these intents have turned out to be a real bust. For example, Din Paraguay Bitcoin bill, which Deputy Carlos Rejala spearheaded, was more about regulation for tax purposes. What’s more, lawmakers concluded proceedings by categorically denying legal tender status for cryptocurrencies.
Digital assets are not legal tender currencies used by the paraguayan Stat, și din acest motiv they are not backed by the Central Bank of Paraguay. "
Also, despite the best efforts of Senator Indira Kempis Martínez of Mexico, the country’s Banca centrala later reiterated their warnings on the inherent risks associated with cryptocurrencies.
However, Uruguay’s proposal may have bucked the trend.
The crypto community awaits what will become of this bill.
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