Peru Congress to Discuss Bill to Regulate Cryptocurrencies -Breaking
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Peru Congress will discuss a bill to regulate cryptocurrencies- This bill demonstrates that the asset has a book value, and is a contribution to capital for incorporation.
- According to the proposal presented by the legislators, the use of cryptocurrencies “is the absolute responsibility of their buyers.”
- Peru is among the Latin American nations that have adopted cryptocurrency and bitcoin the most.
The bill was presented to Congress last December by legislator José Elías Ávalos of the Podemos Peru party, now awaiting discussion. This bill is designed to provide a legal framework for Bitcoin and all other crypto currencies.
As in other Latin American countries such as Colombia, Uruguay, Panamá, Argentina and Brazil, Peru is preparing to start the debate in the plenary of parliament in the coming weeks on the benefits and risks related to cryptocurrency trading.
The proposal that appears published on the official website of the Peruvian Congress, under the name of “Framework Law for the Commercialization of Cryptoassets”, includes several points related to the growing cryptocurrency trade in the country.
It seeks to “establish the guidelines for the operation and functioning of crypto-asset exchange service companies through technological platforms, based on the principles of free market and free competition,” according to the document.
To The Flipside
- However, the project clarifies that “crypto assets are not considered legal tender” in the country.
This also signifies that:
“The acquisition and use of crypto assets and cryptocurrencies are the absolute responsibility of their buyers and owners who, based on free market and free competition principles, must seek to inform themselves of the risks inherent in trading with assets of any kind.”
According to Ávalos, the bill seeks to regulate crypto exchanges and Bitcoin digital wallets that currently and in the future operate in the country.
Peruvian lawmakers are forced to regulate cryptocurrency trade because of growing acceptance of BTC and other digital currencies in South American.
During the first half of last year, cryptocurrency trading in Peru increased more than 600% compared to the same period in 2020, as reported at the time by the local newspaper La República.
It also contains requirements that cryptocurrency-related commercial activities must meet. The bill also creates a new public registry to identify service providers for the cryptographic market.
One of the points contemplated in the proposal is the legal obligation to report to the Financial Intelligence Unit “suspicious operations” that involve BTC or any other crypto asset. Likewise, it establishes “criminal liability in the acquisition and misuse of crypto assets and cryptocurrencies.”
The Superintendency of Banking and Insurance of India must also be registered by platforms using Bitcoin. The bill also highlights that digital assets can be used as capital contributions for joint-stock company constitutions (S.A.). They will have a value.
Why you should care
- According to Buda.com the cryptocurrency Bitcoin is Peru’s most-used. According to this exchange platform, Bitcoin transactions have increased by 20% every week in the past year according to a survey conducted by Buda.com between March and April 2021.
- Statista reports that Peru was 11th worldwide in cryptocurrency usage in 2021.
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