Lawmaker proposes bill to adopt cryptocurrencies for transactions in Uruguay

Uruguayan Senator Juan Satori has reportedly introduced a bill seeking to allow the use of cryptocurrencies as a payment option within the South American country.

Satori presented the bill on Tuesday, August 3 as he joined a group of Latino politicians that are looking to integrate digital currencies into their communities.

It is worth mentioning that the bill does not aim to make cryptocurrency legal tender. Rather, it intends to recognize and accept the use of cryptocurrencies for business transactions. The Senator, in a Wednesday tweet said:

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.

Satori, who is a member of the ruling National Party in Uruguay, hopes to gain the government’s support in passing the bill. He emphasized how important it would be to create crypto-friendly policies that will protect investors while promoting their investments.

Since El Salvador took the bold step of making Bitcoin legal tender in June, many other countries have jumped on the crypto bandwagon, including Argentina, Brazil, and Paraguay.