Uruguayan Lawmaker Introduces Bill for Recognition of Crypto as Legal Means of Payment

In what is the latest in a series of moves that appears to be Pro-crypto, Uruguayan lawmaker, Senator Juan Satori has introduced a bill that seeks to regulate cryptocurrency and enable businesses to accept crypto payments.

In the bill, Satori is seeking to establish a legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies.

“Crypto assets will be recognized and accepted by the law and applicable in any legal business. They will be considered a valid means of payment, added to those included in the Law of Financial Inclusion,” the proposed bill states.

If the bill by Satori, who is a member of the National Party which is the ruling party of in the country with 10 of the 30 seats in the Senate, gains support, the government will issue three types of licenses for businesses using crypto.

The first enables companies to trade any crypto-asset such as intermediaries (exchanges) except transactions of non-financial origin.

The second license allows the approved party to store, retain or safeguard crypto assets and the third allows the issuance of crypto-assets or utility tokens with financial characteristics.

The country’s  National Secretariat for the Fight Against Money Laundering and Terrorism Financing (SENACLAFT) will also be tasked with regulating, controlling and auditingthe license holders.

The move by the Uruguayan lawmaker is the latest in a series of moves among a number of countries looking to bring crypto into the fold, including Paraguay, which saw a Bitcoin bill submitted last month, Panama, which is looking atadopting cryptocurrency on a national scale, and Argentina with a bill calling for workers to be paid in crypto

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