Senator Satori Proposes A Bill To Make Bitcoin Legal Tender In Uruguay

HIGHLIGHTS

Juan Satori, a Uruguayan senator, has introduced a bill to permit bitcoin payments.

Crypto assets will be recognised and recognised by the law, and will be applicable in any legitimate firm.

The bill (if imposed) will counter money laundering in the country helping officials to collect data, says Mr Satori.


Senator Juan Satori
Juan Satori/via facebook.com

Juan Satori, a Uruguayan senator, has introduced a bill to permit bitcoin payments.

Senator Sartori said in a recent interview that the bill will protect cryptocurrencies.

He quoted that, “cryptocurrencies are products of free sale by those entities and individuals who wish to commercialize them.”

Adding more he said 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.”

According to the bill, crypto assets will be recognised and recognised by the law, and will be applicable in any legitimate firm. In addition, under the Financial Inclusion Law, they will be added to the list of accepted payment methods.

The companies would be permitted to trade crypto assets on several exchanges if they received a “first licence.”

A second licence would allow these organisations to store, hold, and secure digital assets.

Finally, a “third licence” would allow the issue of “financial characteristics” crypto-assets or utility tokens.

A user cleared that it’s just a news but it’s a big one to look after.

Another user said that the law will benefit businesses to allow trading safely.

Another user stated some facts and showed her acceptance towards bitcoin.

FACTS AND FUTURE OF BILL

If the bill passes, Uruguay’s National Secretariat for the Fight Against Money Laundering and Terrorism Financing (SENACLAFT) will be in charge of regulating, controlling, and auditing licence holders.

Satori feels that when compared to the whole population of a country, the percentage of persons investing in cryptocurrencies is minimal.

As a result, he underlined the importance of implementing crypto regulation in order to encourage investment and protect investors.

South American countries are rushing towards digitalisation and racing with their own counterparts to develop financially.

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