Uruguay: Senator introduces bill to enable use of cryptocurrency for payments

Uruguayan Senator Juan Satori has introduced a draft bill to regulate cryptocurrency and enable businesses to accept crypto 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.

The crypto-friendly Senator tweeted on Aug. 4 that “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.”

The bill proposes that “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.”

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