Uruguay Set to Make Important Bitcoin Decision

• Uruguayan Senator Juan Sartori has proposed a bill to enable businesses in the South American country to receive payment in crypto

• Unlike in El Salvador, the senator is not looking to make Bitcoin a legal tender but he wants cryptos to be regulated so that they can be used for safe payments

• The bill was presented by the Sartori who belongs to the ruling National Party yesterday and with the support of the government, it could be accepted

Uruguay may be set to joining a growing list of Spanish speaking countries that are seeking to increase the adoption of Bitcoin and other cryptocurrencies.

An Uruguayan senator Juan Sartori has proposed a bill that will ensure that businesses in the South American country can accept cryptocurrency for payments.

The 40-year-old who has been a senator since February 2020, sent the bill to the Senate committee for consideration yesterday.

What is the aim of the bill?

The recent bid by the businessman proposes that the government makes crypto assets recognized and accepted by all legal businesses.

Attached to the bill were three licenses that require approval.

• The first license will allow companies to trade any crypto asset.
• The second license is seeking to allow approved businesses to store and safeguard digital currencies.
• The third license if approved will allow businesses to issue cryptocurrencies and utility tokens that have financial characteristics.

Since El Salvador signed Bitcoin into law as a legal tender, there have been bids by top officials in many South American country officials who want to make cryptocurrency a part of their financial system.

Senator Sartori who proposed the bill is a member of the ruling party, the National Party and the party holds 10 seats out of 30 in the country’s legislative chamber.

Sartori is also a businessman who is the co-owner of British football club, Sunderland.

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