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Argentina Is Set For Bringing Crypto and Related Services Into National Structure, Legislation Prepared

Nov 11, 2020

A news source from Argentina confirmed that the country is in the process of developing a fresh legislation. The legislation is proposed for providing national structure of crypto and its related services within the country. It was told that legislation has been drafted and the bill will be presented next week for approval by Parliament.

The news further told that Ignacio Torres, the youngest politician of Argentina, is looking forward to submit the draft bill. In the bill, Torres had focused on the crypto business and related services within the country. He told that he had drafted the bill with the help and assistance of Efrain Barraza, Manager Operations, Athena Bitcoin. Assistance was also sought from the CEO of Bithan, Alberto Vega.

Both have tried to bring the crypto and its related services within the regulatory framework/structure of Argentina. Torres informed that the law will be beneficial for crypto-industry in Argentina because it was made in consultation with stakeholders. Each and every aspect of crypto business had been taken into consideration, told Torres.

Later on Cointelegraph interviewed both Efrain Barazza and Alberto Vega regarding the proposed law. They informed Cointelegraph that the intention of proposed law is to encourage a debate regarding crypto and blockchain in Argentina. They told that for quite some time crypto and blockchain had been existing in the country. Both are essential part of the financial system plus economy, they told. Therefore, there has be a mechanism put in place to give official recognition to both, crypto and blockchain technology.

They stated that they don’t want to be left behind while others take a lead in the use of digital currency.

Meanwhile, on the side note Efrain Barazza explained the necessity of the law. He told that crypto business in the country is increasing with rapid pace. But in order to secure the investors it is necessary to provide some protection through induction of laws. He also highlighted that the absence of laws encourage wrongdoers and give rise to illicit activities. He pointed out at the recent scam caused in Argentina relating to Onecoin.

However, the bill hasn’t been submitted to the Parliament of Argentina. Once presented then the draft law will be debated and thereafter any decision will be arrived at.

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