Bitcoin Adoption Continues: Uruguay Lawmaker Proposes Bill That Allows Crypto To Be Used For Payments

The mass adoption of Bitcoin and crypto has been one of the main goals that the crypto industry has set. There have been a lot of moves made in this direction, and they continue.

After El Salvador’s move to make Bitcoin a legal tender, now Uruguay comes into the picture.

Bitcoin and crypto to be accepted as payments in Uruguay by businesses

As reported by the online publication CoinDesk, i’s been revealed that a senator from Uruguay has introduced a bill to allow businesses to accept cryptos as payments and regulate their use within the South American country.

The bill was revealed this week by Sen. Juan Sartori, which seeks to provide “legal, financial and fiscal security in the business derived from the production and commercialization” of cryptos.

“Crypto assets will be recognized and accepted by law and applicable in any legal business. 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,” the bill said.

Sartori’s bill would establish that cryptos “are products of free sale by those entities and individuals who wish to commercialize them.”

More than that, the bill states that any natural or legal person “may receive and/or send funds in legal tender from and to their own bank accounts or those of licensed companies.”

CoinDesk later released an update to their article, stating that “An earlier version of this article said Sartori’s bill would treat crypto as legal tender. The lawmaker later said it would only allow businesses to accept crypto as payments.”

Bitcoin adoption explodes

Not too long ago, we revealed that during a live chat, Elon Musk said that he wants BTC to succeed, and he said that he, Tesla and SpaceX – they all hold Bitcoin.

Musk hinted at the fact that Tesla could start accepting Bitcoin once again.

The news was mirrored in BTC’s price, which exploded.

Previous ArticleNext Article
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
>