Central Bank of Uruguay talks more on roadmap for crypto regulation

The South-American country seems to be closer of a digital asset’s pacification

The Central Bank of Uruguay released a statement talking about the country’s roadmap to cryptocurrencies’ regulation. Starting in this year's Q4, the bank will gather a study group to take a closer look at crypto’s functionality in order to regulate it properly. 

The plan is to involve other important actors in the world of crypto in the studies and observe how those companies work in the market, reinforcing the need of having them to improve the activities in a legal status. 

“In the last quarter of the year, a dialogue will be promoted with industry players and relations with other regulators and international organizations in order to deepen the knowledge of the experience in the regulation and supervision of these activities.”

-BCU’s statement 

Also the bank added that it will develop “a conceptual framework based on the business reality of the different operations involving virtual assets, including both new activities and those that may already be covered by current regulations,” it said.

However, the Central Bank of Uruguay reinforced the recommendation to the users of the financial system and the general public to “make an exhaustive evaluation of the risks they assume when operating with these instruments and to take the necessary precautions to mitigate them, taking into consideration that high returns are generally associated with high risks.”

The BCU also reminded that the issuance and trading of digital assets are not included in the scope of the central bank’s activities, and therefore they are not under this specific regulation.

If the Central Bank of Uruguay really puts an effort to put this roadmap into action, we will see a country following similar footsteps of El Salvador’s run that made digital assets a regular aspect of the nation’s economy, as well as the Brazilian government advances into the approval of crypto payments and finally other countries’ proximity with the new digital revolution. 

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