With Senator Juan Satori’s proposed bill aiming to regulate and authorise crypto payments in the country, In Uruguay, crypto payments may soon become the norm.
Senator Sator joins a growing number of leaders from South America and Spanish-speaking countries who support the widespread adoption of cryptocurrencies. To be clear, Sator’s draught bill does not advocate for crypto, namely Bitcoin, to be recognised as legal cash in Uruguay.
“Today we propose a bill, pioneer in the world, that aspires to establish legitimate, legal, and safe use in businesses related to the creation and marketing of virtual currencies in Uruguay,” Sator stated in a tweet.”
Sator’s draught bill seeks to recognise cryptocurrency as a valid form of payment and to bring businesses on board in order to accelerate the country’s adoption and broaden crypto’s reach.
The bill has a good chance of passing the Senate because Sator is a member of the National Party, the country’s ruling party, which has 30 senators.
- If the bill is passed, the Uruguayan government will provide three sorts of licences to businesses that use cryptocurrency.
- The first licence will allow businesses to exchange crypto assets, such as intermediaries, with the exclusion of non-financial activities.
- The second helps corporations to store, keep, or preserve cryptocurrency, while the third allows them to issue crypto-assets or utility tokens with financial properties.
- According to Satori, Uruguay has a low percentage of individuals who invest in cryptocurrencies, which is why his draught bill is critical in encouraging the country’s inhabitants to tap into the vast potential of cryptos.