Central Bank of Uruguay Describes Roadmap to Crypto Asset Regulation

20.10.2021
29

The Central Bank of Uruguay has issued a statement describing a roadmap for the regulation of cryptocurrency assets in the near future. The institution stated it has established a group to examine the best way possible to regulate these assets, considering the realities of the crypto industry. Also, some modifications to current laws could be made to prepare for the upcoming regulation towards the end of the year.

Recommendations and Advice on Cryptocurrency
The bank also proposed some recommendations for users of cryptocurrencies, stating that these assets are not considered legal tender in the country like the Uruguayan peso, which is recognized and backed by the institution. This distinction in view, the establishment of a regulatory framework for crypto could be very different than the one approved in El Salvador, where bitcoin was declared legal tender.

The central bank clarified that cryptocurrency-related activities were not regulated by any institutions in the country. As a consequence, none of the protections that apply to regular investors could protect citizens involved in cryptocurrency trade or investments.

AUTHOR INFO
COMMENTS

No comments yet, be the first by filling the form.