Uruguay next to adopt a crypto bill?

by Team Luno
· 1 minute read
  • A Uruguayan senator has revealed a bill that will allow the use of cryptocurrencies as payments in contracts. The bill would also regulate their use within the South American country.
  • The bill seeks to provide “legal, financial and fiscal security in the business derived from the production and commercialization” of cryptocurrencies.
  • It also proposes that crypto assets will be recognised by law and applicable in any legal transaction, yet it will not be treated as legal tender.
  • The bill states: “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.”
  • This makes Uruguay the fifth country in Latin America to push for cryptocurrency payments. Will it be successful?

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