Uruguay Reveals Roadmap To Regulating Crypto Assets

2021-10-06 20:13:57
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The Central Bank of Uruguay released a statement disclosing the roadmap towards official crypto regulations. For that matter, the bank already assembled a study group that has the task to investigate every aspect of the crypto world.

Afterwards, the bank will use the gathered information to ‘paint a picture’ on how to best regulate cryptocurrencies.

As a result, the Central Bank of Uruguay states that there will be a meeting in order to establish a dialogue on how to tackle crypto regulations. And judging by the guests of this meeting, it seems like every major crypto player in Uruguay will be present. Along with several high-ranking government officials as well.

In the last quarter of the year, we will promote a dialogue with industry players and relations with other regulators and international organizations. These exchanges will contribute to perfecting the conceptual framework. With a view to achieving a regulatory approach that contributes to the aforementioned purposes.Central Bank of Uruguay | Official Statement

Furthermore, the bank intends to use this meeting in order to clarify the current crypto situation of the country. The goal is to create official crypto legislation by the end of 2021. All in order to prepare for the upcoming year.

Crypto Traders Are In Danger

The central bank justifies this step simply because the country doesn’t have any crypto regulation whatsoever. And that it is exactly due to this lack of regulation, that many citizens and crypto traders are in danger of losing everything. As a result, the bank warns traders to take extra precautions when trading with crypto:

Carry out an exhaustive assessment of the risks assumed when operating with these instruments and take the necessary precautions to mitigate them. Taking into account that high returns are generally associated with high risks.Central Bank of Uruguay | Official Statement

The crypto roadmap of the Central Bank of Uruguay will definitely begin a new era for the country. In fact, as part of the report by the bank, they also address the legal tender situation with bitcoin. Specifically, making several recommendations for crypto traders.

Especially considering the Uruguayan peso. Which understandably, the Central Bank of Uruguay supports. Yet that is not the case with bitcoin. Something that is bound to be a hot subject in the upcoming months of the Uruguayan crypto evolution. Hence, we can definitely conclude that this idea is a product of El Salvador and their adoption of the digital asset.

 

 

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