Another good week, this good news about encryption, these developing countries will all be excellent potential users of cryptocurrency. It solved a lot of problems for them. In the future, it is very likely that Bitcoin will be in Asia, Africa and Latin America.
I am sure that it's going to met with an opposition, remember that when El Salvador finally did it, rally happened and people were not happy and satisfied with it saying that it's useless or something like that. I don't get the last part that you are saying, are you saying there's no crypto trend in those continents and region? I am pretty there are some countries in those region that already supports cryptocurrency.
Topic: Uruguayan Lawmaker Proposes Bill to Treat Crypto as Legal Tender - page 2. (Read 294 times)
August 05, 2021, 02:35:27 AM
August 04, 2021, 11:40:47 PM
Uruguayan Lawmaker Proposes Bill to Treat Crypto as Legal Tender
I know misunderstanding contents or even incorrect contents can be taken into media and news platforms, but about the bill introduced by senator Juan Sartori, it is not about crypto to be treated as a legal tender in Uruguah, the bill only cover businesses in which cryptocurrencies will be accepted by law and can be used in legal businesses.Quote from: https://cointelegraph.com/news/uruguay-senator-introduces-bill-to-enable-use-of-crypto-for-payments
Satori joins a growing list of politicians from South American and Spanish-speaking countries that are seeking to bring crypto adoption into the mainstream. The Senator is not proposing the use of crypto as legal tender as in El Salvador, however.
CORRECTION (Aug. 4, 2021, 21:45 UTC): An earlier version of this article said Sartori’s bill would treat crypto as legal tender. The lawmaker later said it would only allow businesses to accept crypto as payments.
However, the bill stops short of actually treating cryptocurrencies as legal tender, he told CoinDesk.
However, the bill stops short of actually treating cryptocurrencies as legal tender, he told CoinDesk.
August 04, 2021, 11:06:28 PM
Another good week, this good news about encryption, these developing countries will all be excellent potential users of cryptocurrency. It solved a lot of problems for them. In the future, it is very likely that Bitcoin will be in Asia, Africa and Latin America.
I am sure that it's going to met with an opposition, remember that when El Salvador finally did it, rally happened and people were not happy and satisfied with it saying that it's useless or something like that. I don't get the last part that you are saying, are you saying there's no crypto trend in those continents and region? I am pretty there are some countries in those region that already supports cryptocurrency.Don't worry about opposition; that's normal and expected. When you introduce significant change, it is almost impossible it won't be met with a certain degree of resistance. There'll always be people who get affected or whose businesses get disrupted with the new system.
Yes, there was a rally against the adoption of Bitcoin as a legal tender in El Salvador, but the rally was definitely blown out by the media. On the ground, it was simply a gathering of a handful of people.
From the angles preferred by the media:
https://twitter.com/Bitcoinbeach/status/1419197514264113161/photo/1
https://twitter.com/Bitcoinbeach/status/1419191321886003203/photo/2
A different angle:
https://twitter.com/Bitcoinbeach/status/1419189554175569920/photo/1
August 04, 2021, 10:42:43 PM
Another good week, this good news about encryption, these developing countries will all be excellent potential users of cryptocurrency. It solved a lot of problems for them. In the future, it is very likely that Bitcoin will be in Asia, Africa and Latin America.
I am sure that it's going to met with an opposition, remember that when El Salvador finally did it, rally happened and people were not happy and satisfied with it saying that it's useless or something like that. I don't get the last part that you are saying, are you saying there's no crypto trend in those continents and region? I am pretty there are some countries in those region that already supports cryptocurrency.Argentina has a long history of supporting DASH and I think also BSV.
They saw the result in El Salvador I guess it's a positive result for them as well. This is what could be SEC is avoiding to happen but it's now happening and hopefully, all governments should just take it the way they do. The whole of Latin America should also be going in this direction than trying to control everything like they could prevent transactions from happening.
August 04, 2021, 10:33:38 PM
Another good week, this good news about encryption, these developing countries will all be excellent potential users of cryptocurrency. It solved a lot of problems for them. In the future, it is very likely that Bitcoin will be in Asia, Africa and Latin America.
I am sure that it's going to met with an opposition, remember that when El Salvador finally did it, rally happened and people were not happy and satisfied with it saying that it's useless or something like that. I don't get the last part that you are saying, are you saying there's no crypto trend in those continents and region? I am pretty there are some countries in those region that already supports cryptocurrency. 
August 04, 2021, 09:08:53 PM
I think nothing of that was needed. It just creates more difficulties for who wants to invest and work with crypto currency. So far, crypto universe has been a great place to be because it is accessible and easy to be introduced, especially due to not being legal tender. Look how absurd is that proposal of being necessary to have the government's permission to start mining crypto currency.
Those who have been here since the beginning should be proud of being part of such a wonderful age of crypto currency. Because now things are just going to get worse and worse with growing governmental influence and regulations that don't respect the individuals and their appeal for less bureaucracy.
Those who have been here since the beginning should be proud of being part of such a wonderful age of crypto currency. Because now things are just going to get worse and worse with growing governmental influence and regulations that don't respect the individuals and their appeal for less bureaucracy.
August 04, 2021, 07:59:25 PM
That truly support the Uruguay citizens free to use bitcoin and other cryptocurrencies. By the time through the bill it is also into discussion about the law for mining of cryptocurrencies. When cryptocurrency usage is legalized automatically mining must be taken into consideration. If not this would be a big issue.
In recent days Iran faced such an issue. It legalized the usage of cryptocurrency, but there is nothing specific about cryptocurrency mining. When China closed doors for mining, more miners were moved to Iran due to the low electricity consumption charge. The same has resulted in making the government think of banning cryptocurrency usage. Because, without any proper licensing more than 85% miners are run. This illegal form of mining has caused severe power failure issue and the government isn't able to meet the needs. Only 5% miners are running in a legitimate manner.
In recent days Iran faced such an issue. It legalized the usage of cryptocurrency, but there is nothing specific about cryptocurrency mining. When China closed doors for mining, more miners were moved to Iran due to the low electricity consumption charge. The same has resulted in making the government think of banning cryptocurrency usage. Because, without any proper licensing more than 85% miners are run. This illegal form of mining has caused severe power failure issue and the government isn't able to meet the needs. Only 5% miners are running in a legitimate manner.
August 04, 2021, 05:47:14 PM
The project, presented by ruling party senator Juan Sartori, includes a regulatory framework for crypto exchanges and miners.
A senator from Uruguay has introduced a bill to make cryptocurrencies legal tender in the South American country.
The bill, which was presented on Tuesday by Sen. Juan Sartori, seeks to provide “legal, financial and fiscal security in the business derived from the production and commercialization” of cryptocurrencies.
“Crypto assets will be recognized and accepted by law and applicable in any legal business. They will be considered valid means of payment,” the project states.
Sartori’s bill would establish that cryptocurrencies “are products of free sale by those entities and individuals who wish to commercialize them,” and states that any natural or legal person “may receive and/or send funds in legal tender from and to their own bank accounts or those of licensed companies.”
If the bill becomes law, the government would issue a “first license” that would enable companies to trade crypto assets on exchanges. A second license would allow “storing, holding or safekeeping crypto assets,” while a third would be used to issue crypto assets or utility tokens with “financial characteristics.”
According to the bill, Uruguay’s executive branch would grant the licenses to entities that are in compliance with anti-money laundering secretariat (Senaclaft) and the Central Bank of Uruguay. For other transactions, the “use of all these instruments will be free and will not require prior consent, permits or licenses.”
Sartori’s bill also stipulates the regulation of crypto mining. Miners wouldn’t need a special license like a doctor, but would need permits from Uruguay’s Ministry of Industry, Energy and Mining in order to operate.
The measure also includes the “promotion of technical training for electrical, civil and computer engineers in the generation of virtual assets.”
According to the bill, Senaclaft “will keep a registry of virtual asset service providers” and of those individuals or legal entities that wish to carry out activities of generation and commercialization of virtual assets.
Sartori belongs to the ruling National Party. He ran for the National Party’s nomination for president in 2019.
In the Senate, the National Party and its allies, which form a coalition named Coalición Multicolor, hold the majority, with 17 of the 30 seats.
To date only one country has adopted bitcoin as legal tender: El Salvador, which approved a bill earlier this year.
https://twitter.com/juansartoriuy/status/1422567884916772866?s=21
Article Credit:
https://www.coindesk.com/uruguay-crypto-bill-legal-tender-juan-sartori
Andrés Engler
Aug 4, 2021 at 7:57 p.m. UTC
Updated Aug 4, 2021 at 8:27 p.m. UTC
A senator from Uruguay has introduced a bill to make cryptocurrencies legal tender in the South American country.
The bill, which was presented on Tuesday by Sen. Juan Sartori, seeks to provide “legal, financial and fiscal security in the business derived from the production and commercialization” of cryptocurrencies.
“Crypto assets will be recognized and accepted by law and applicable in any legal business. They will be considered valid means of payment,” the project states.
Sartori’s bill would establish that cryptocurrencies “are products of free sale by those entities and individuals who wish to commercialize them,” and states that any natural or legal person “may receive and/or send funds in legal tender from and to their own bank accounts or those of licensed companies.”
If the bill becomes law, the government would issue a “first license” that would enable companies to trade crypto assets on exchanges. A second license would allow “storing, holding or safekeeping crypto assets,” while a third would be used to issue crypto assets or utility tokens with “financial characteristics.”
According to the bill, Uruguay’s executive branch would grant the licenses to entities that are in compliance with anti-money laundering secretariat (Senaclaft) and the Central Bank of Uruguay. For other transactions, the “use of all these instruments will be free and will not require prior consent, permits or licenses.”
Sartori’s bill also stipulates the regulation of crypto mining. Miners wouldn’t need a special license like a doctor, but would need permits from Uruguay’s Ministry of Industry, Energy and Mining in order to operate.
The measure also includes the “promotion of technical training for electrical, civil and computer engineers in the generation of virtual assets.”
According to the bill, Senaclaft “will keep a registry of virtual asset service providers” and of those individuals or legal entities that wish to carry out activities of generation and commercialization of virtual assets.
Sartori belongs to the ruling National Party. He ran for the National Party’s nomination for president in 2019.
In the Senate, the National Party and its allies, which form a coalition named Coalición Multicolor, hold the majority, with 17 of the 30 seats.
To date only one country has adopted bitcoin as legal tender: El Salvador, which approved a bill earlier this year.
https://twitter.com/juansartoriuy/status/1422567884916772866?s=21
Article Credit:
https://www.coindesk.com/uruguay-crypto-bill-legal-tender-juan-sartori
Andrés Engler
Aug 4, 2021 at 7:57 p.m. UTC
Updated Aug 4, 2021 at 8:27 p.m. UTC
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