August 9

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Uruguay wants to get into crypto

Cryptospace

The first challenger for El Salvador arrives… or has it?

August is poised to be a landmark month for crypto. Ethereum, with its hard fork, is looking at an improvement in the platform (more on that later); Bitcoin is at a comfortable $45k support, now eyeing $50k resistance. But news that has earned some looks is Uruguay’s apparent adoption of crypto, or is it?

The small country of 3.4 M inhabitants has one of the strongest economies in South America. Recently, majority party senator, Juan Sartori, presented a project bill that seeks to achieve “legal, financial and fiscal security in the business derived from the production and commercialization (of crypto assets)”.

Even if the country is not aiming to make a specific cryptocurrency legal tender the way El Salvador did, it is still refreshing to see it try to positively insert crypto into their system.

Three licenses for crypto

The bill proposes 3 different licenses the government can provide to any natural or legal person, as long as they fulfill a series of requirements.

A first license would enable companies to trade with any crypto asset as a middle-man. Basically allowing companies to be an exchange in Uruguayan territory.

The second one allows to hold, retain or be the custodian of crypto assets. Great for HODLers and foreign people who want to protect their assets from negative regulations. 

The last one gives freedom to emit crypto assets or utility tokens with financial aspects. Who knows, maybe a new and exciting project will come from Uruguay thanks to this license.

Even if the bill is still just a project, Sartori is an important figure of the ruling Partido Nacional. They’re part of a coalition with a seat majority in congress. If it evolves at a healthy rate, we may see Uruguay be one of the hot spots for crypto trade.

What this means

With this bill, Sartori would be looking to increase cryptocurrency adoption in the country. Out of the 3.4m inhabitants, just a small portion of them trade with crypto. 

Also, it would mean Uruguay wants to get into the game and get some of the attention Paraguay is getting right now (as a competitor to El Salvador). So far, Paraguay’s project looks more beneficial for the community, but Uruguay is one of the wealthiest and most economically stable countries in the region. So a crypto movement there would be crucial to increase adoption in the Americas.

If crypto blooms in the country, expect more positive regulations, or why not add a cryptocurrency as legal tender. Only time will tell.

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