Central Bank of Uruguay release roadmap to Crypto Regulation
Uruguay moves one step closer towards its plan to bring the crypto legalisation bill to enable the use of crypto for trading and other associated benefits.
In the present time, financial authorities of Uruguay are active towards adopting the crypto industry to generate new opportunities for their citizens. Recently Uruguay announced that they will bring perfect regulation to legalise the use of crypto assets for trading and other associated benefits. Uruguay’s authorities claimed that they will follow the steps of El Salvador but through a different approach, that means they will not adopt Bitcoin as a legal tender.
Read also: Uruguay lacks clarity on crypto rules over real estate ‘exchanges’
In the latest, the Central bank of Uruguay released their rough roadmap to bring regulation on the crypto industry. Financial authorities provide a rough idea for the institutions that how they will impose rules and regulation to bring better regulation over the crypto industry. And also they will impose many new rules to modify the existing regulatory rules on crypto by the end of this year.
The officials of Uruguay revealed that they set up an Investigation and research group over crypto that how it works. Uruguay’s authorities will come to know about crypto operations perfectly, that will help them to bring better regulation and framework.
Crypto not regulated in Uruguay
In the present time crypto is not under regulation and rules. While there are some mandatory rules, which are made to prohibit and stop bad actors.
Uruguay’s authorities many times warned their citizens to remain active against the crypto Investment because the crypto market is not regulated in the nation, which means custody and security of the investment are not ensured by the government.
Read also: Qatar National Bank partners with RippleNet blockchain firm
