Juan Satori is going to introduce a draft bill that is aimed at establishing crypto supremacy in the region by encouraging businesses to accept payments in cryptocurrency.
The growing enthusiasm around crypto has swept the Latin American countries and is now moving forward to South America and Spanish-speaking regions to establish its governance. The Senator of Uruguay Juan Satori who has been an active crypto proponent is now planning to introduce draft bills that intend to regulate cryptocurrency transactions in the region.
The new crypto bills will allow the users and existing businesses in the area to conduct payments in cryptocurrency without any additional problems.
Bills to Be Introduced to Regulate Crypto Payments in Uruguay
Juan Satori, a self-acclaimed crypto enthusiast, has tweeted on August 4, that he will be introducing a draft bill that is intended to establish crypto supremacy in the region by encouraging businesses to accept payments in cryptocurrency. The bill further comprises elements that highlight the nationwide usage of crypto to be made legal and authorized under the Uruguayan legislation. The bill also states that the transactions conducted in cryptocurrency will be proven valid and legal under any given circumstances.
Juan Satori belongs to the national party which is the leading governing party of the country and possesses 10 out of 30 seats in the Senate. If the bill proposed by Satori gains momentum and receives a green flag from the Senate, then it will have the liberty to issue three types of licenses that will enable seamless crypto transactions to varied users and consumers across the country.
The first license issued will prompt the businesses to trade any crypto asset such as intermediaries. The second license will include the cryptocurrencies to be safely held, retained, or safeguarded by the users. While the third license will allow the users to issue utility tokens comprising financial requisites.
Columbia Surges Ahead to Centralize Its Crypto Bill Proceedings
According to Columbian Senator Mauricio Toro, Columbia is pursuing a new crypto bill that will facilitate cryptocurrency payments in the country. The senator further announced that the bill has been prepared to counter issues related to seeking control of the black market as well as allow safe and secure crypto transactions to the native citizens. To facilitate a bill of this scale and size, Columbia will be issuing a series of clauses and regulations that will require the foreign and international exchanges to get registered with Colombian authorities to progress further.
If the bill is passed by the Columbian Senate, then it will allow the foreign exchanges to work holistically in the region. The prerequisites required by Colombian law enforcement will include the foreign exchanges to give details regarding their corporate intent and purpose as well as provide a detailed list of risk disclosing mechanisms to protect the native investors from encountering any financial harm.
Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.