Uruguay lacks clarity on crypto rules over real estate ‘exchanges’

Uruguay’s crypto bill allows businesses for crypto payments but what are the stances of existing crypto bill laws on crypto use in real estate.

As we know, in the beginning of August, lawmakers of Uruguay introduced a bill to Legalise crypto as a legal tender only for businesses to accept crypto payments. But now a question arises for the real estate market. 

A Montevideo-based notary approached the General Tax Directorate to clear everything about the crypto payment to use in the property buy and sell. 

The Ministry of Economy and Finance owned agency, responded on this matter and claimed that we can’t recognise crypto as legal tender in the sale of property because for sale we need money and here crypto and real estate is just like exchanging goods. 

“..such “sale” would be considered as an exchange for real estate for intangible personal property. As per the DGI, for a sale to take place, “money” needs to change hands..”

So clearly Ergo, crypto-sales can’t not consider it technically as a mode of legal “sales” in the ordinary sense.

A local news report stated on that response of the agency that mentioned currency (crypto) should have at least one character of money (fiat Currency). 

“the DGI’s response hinted that crypto could indeed have some form of legal status, albeit that of an intangible personal property. This would allow it to be used as a means of exchange, a fact that, according to mainstream economic theory, means it fulfills at least one of the characteristics of money.”

Probably this is clearfield rule of Uruguay that Crypto as legal tender can be used in between two businesses, not business to customer.

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