Sen. Juan Sartori, a member of the ruling party in Uruguay, has recently submitted a bill that allows cryptocurrencies to be used as payment by businesses.
The bill was submitted on the 3rd that stated it proposes to allow cryptocurrencies as an effective means for payment in every legal business to provide legal, financial, and fiscal security.
The translated version of the bill said:
“Crypto assets will be recognized and accepted by law and applicable in any legal business. They will be considered a valid means of payment, in addition to those included in the financial inclusion law, as long as they comply with the rules set forth in the law and the regulations.”
The bill proposed an established system for crypto transactions and provided three kinds of licenses. The first license would allow companies to trade cryptocurrencies on exchanges. The second license would permit storing, holding, and safekeeping of crypto assets. Lastly, the third license would allow the issuance of utility tokens or crypto assets.
The bill also discussed in detail anti-money laundering measures, and the license would only be granted if the businesses meet the legal requirements. The bill has introduced regulations on Bitcoin mining as well. The companies looking into crypto mining must need permission from Uruguay’s Ministry of Industry, Energy, and Mining.
Apart from these clauses, the proposal also stated a clause that allocates resources to promote technical training “for electrical, civil and computer engineers in the generation of virtual assets.”
Currently, El Salvador is the only country that has accepted Bitcoin as a legal tender.