Crypto payments might soon be a norm in Uruguay with Senator Juan Satori’s draft bill which aims to regulate and authorize crypto payments in the country.
Senator Sator joins the growing list of politicians from South American and Spanish-speaking countries who advocate for the wider use of cryptocurrencies. But to be clear, Sator’s draft bill isn’t pushing to make crypto or specifically Bitcoin as Uruguay’s legal tender.
Crypto commercialization
In a tweet, Sator said: “Today we present a bill, pioneer in the world, that seeks to establish legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies in Uruguay.”
Sator’s draft bill aims to recognize cryptocurrencies as a valid means of payment and bring businesses into the fold to speed up the country’s adaption and widen crypto’s reach.
The bill has a high chance of getting approved by the Senate since Sator belongs to the National Party, the country’s ruling party, which holds 30 seats in the Senate.
Three types of crypto licenses
If the bill becomes a law, the Uruguayan government will provide three types of licenses for businesses using cryptocurrencies.
The first license will provide authorization to businesses to trade crypto assets such as intermediaries, with the exception of transactions of non-financial origin.
The second one allows businesses to store, retain, or safeguard cryptocurrencies, while the third one will enable businesses to issue crypto-assets or utility tokens with financial characteristics.
Satori said that Uruguay has a low percentage of people who invest in cryptocurrencies, that is why his draft bill is crucial to encourage the country’s citizens to tap the massive potential of cryptos.
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