Several regions across the globe seem to be trying to induce crypto into their system. Uruguay is the latest country to join this list.
While certain governments have outrightly expressed their disinterest in crypto, an array of other nations have been embracing them. China’s sudden hostile behavior towards the crypto market left several crypto assets at a great loss. However, El Salvador’s timely interest in Bitcoin [BTC] and its move towards giving the king coin a legal tender, the market witnessed a massive boost.
The country’s plunge towards the Bitcoin market certainly inspired numerous regions to follow suit. A senator from Uruguay, Juan Satori went on to share a tweet giving insights about his recently proposed bill.
Uruguay next in line to embrace crypto?
Unlike El Salvador, this Uruguay senator has no intention of using crypto as legal tender. But, Satori’s latest bill urges the government to allow businesses to accept crypto. The tweet read,
“Cryptocurrencies are an opportunity to create investment and work. Today we present a bill, pioneer in the world, that seeks to establish a legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies in Uruguay.”
If this bill is approved by the government, about three varieties of licenses would be issued to businesses that are interested in incorporating crypto. While the first kind would allow companies to trade cryptocurrencies as such as “intermediaries (exchanges) except transactions of non-financial origin,” the second one would allow firms to store, retain and even safeguard cryptocurrencies.
Furthermore, the third license would allow businesses to issue crypto-assets or utility tokens that entail financial characteristics.
Additionally, while noting that the disparity between the number of people who invest in crypto and the country’s population was high, Satori hopes to adopt crypto by focusing on regulating the market.