Uruguay may soon join the fast-growing group of countries which regulated cryptocurrency. The country’s chamber of fintech has announced that a special committee for development of crypto regulation framework, will be created.
“We realize that no activity can be developed outside of the regulatory sphere, and that’s particularly true when we’re talking about the financial system. For that reason we’re focusing on collaborating with the regulator and all other stakeholders involved. Within the fintech community we dream of Uruguay being the ‘crypto-valley’ of LatAm.” – explained the Uruguayan chamber of fintech’s former president Sebastian Olivera.
The fintech chamber invited entrepreneurs, consultants, organisations and government officials to collaborate in developing the regulations. The committee aims to promote innovation, as a way to develop and reinforce Uruguay’s financial system. Fight against drug trafficking, money laundering and terrorism are all on the agenda as well.
Sebastian Olivera explained that the chamber wants to attract investments and innovation to the local industry. It aims to promote Uruguay as a regional technology hub.
Not the first
Cryptocurrency already made its entry into other South American countries. For example, an Argentinian Banco Masventas (BMV) recently announced a partnership with the Bitex cryptocurrency exchange. The partnership will result in a use of Bitcoin (BTC) as an alternative to SWIFT transfers.
Also – two large Brazilian bus companies announced that they will start accepting cryptocurrencies for ticket sales.