Bitcoin News

Peru has introduced legislation that would regulate Bitcoin and other cryptocurrencies

The Peruvian Congress has received a measure aiming at establishing a legal framework for the bitcoin market, which will now be debated in plenary session before being approved.

The paper, which can be seen on the Peruvian legislature’s official website. Of course, covers a variety of crucial aspects of the country’s expanding ecosystem.

Furthermore, Podemos Peru parliamentarian José Elas Valos introduced the project. That’s, which is officially referring to as the “Framework Law for the Commercialization of Cryptoassets.”

The bill’s goal, according to the politician, is to regulate businesses that provide cryptocurrency services. That’s, such as Bitcoin exchanges and digital wallets.

In recent years, Peru has experienced a significant increase in Bitcoin acceptance. In a year, the use of cryptocurrencies in that country has surged by more than 600%.

So, According to data from the Peruvian daily La Repblica. Of course, the volume of bitcoin transactions in Peru climbs by 613 percent in the first half of 2021. Especially, when in comparison with the same period in 2020.

That’s why it’s crucial to note that the new bill, which was introduced on December 20. Then, is expected to be approved, states that the purchase and use of cryptocurrencies

“are the sole responsibility of their buyers and owners.”

Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.