Uruguayan Lawmaker Proposes Bill to Support Cryptocurrency Payments

A proposed bill presented by Uruguayan lawmaker Juan Sartori seeks to allow for cryptocurrencies to be used for payments in the country.

The bill, introduced on Tuesday, seeks to "promote investment and protect investors" by establishing "clear rules for the legal, financial and fiscal security for businesses."

If passed, the bill would acknowledge cryptocurrencies as valid means of payment — no single cryptocurrency is specified or singled out in the draft. While the bill wouldn't make Bitcoin or any other cryptocurrency legal tender, it would bring new licenses into play that could be issued by the Uruguayan central bank to businesses looking to facilitate trading activity, store digital assets, or issue assets. Mining activities will not require a specific license under the bill, but will instead need a permit from Uruguay’s Ministry of Industry, Energy and Mining. The draft further adds a maximum time period for authorities to issue responses to requests for licenses.

On Twitter, Sartori commented that cryptocurrencies present an opportunity for investment in Uruguay as well as new jobs in the country.

Sartori is a member of the National Party, a major political party in Uruguay.