The Central Bank of Uruguay would dedicate this last quarter of the year to creating the proposal to regulate cryptocurrencies. The entity would talk with actors and companies in the sector while reviewing the experiences of other international regulatory bodies addressing these issues.
The Central Bank of Uruguay (BCU), the state entity that regulates and establishes the provisions applicable to money in the South American country, revealed the creation of a work plan for a possible regulation that includes Bitcoin, the first digital currencies, and companies that offer services associated with these assets.
This news came from the Central Bank of Uruguay in a statement published on October 1. Various steps got contemplated in its agenda concerning digital currencies in the nation.
The Central Bank of Uruguay will Prepare a Regulatory proposal
One of the BCU’s plans is to show a regulatory proposal before the end of 2021 to express some changes to the legal frameworks currently in force applicable to digital currencies. Another plan is the study of the commercial and operational features of these assets to present laws that best fit this environment.
According to the BCU, this process will go in parallel with vital representatives and companies of the industry to pay attention to the sector’s needs. But this process will take effect without losing sight of the intentions that other regulatory entities and international organizations have had regarding this subject before.
The bank already has a team to monitor these assets from an interdisciplinary perspective. This move allowed the development of a conceptual framework that adds the different activities related to digital currencies.
There is a Lot of Work to do these Upcoming Months
BCU would get ready these last three months of the year to adjust everything and start working hard on this regulatory proposal. Once this proposal gets ready, it would also go to the regulators to receive their consideration.
The BCU will also apply some activities from 2022 that will take part in a highly detailed roadmap. These activities would aim at advancing the institutional definitions that cover this subject.
A Regional Overview
The announcement by the Central Bank of Uruguay comes when the region begins to take digital currencies much more seriously, seeking to streamline regulatory activities to address the commercial and operational considerations of said assets effectively.
For analysts, the interest came after the actions encouraged by the government of El Salvador, which made Bitcoin an official currency as of September 7 once the legislative measure that made this possible came into force.
Despite the criticism and operational struggles, some reports reflect that there is interest on the part of residents in the digital currency.
Deputies and assembly members in the surrounding countries have tried to push regulatory proposals to the use and inclusion of cryptocurrencies into the regional market.
By: Jenson Nuñez
