All these Latin American countries want to adopt Bitcoin…and quick 🚨 This article is 4 years old...
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All these Latin American countries want to adopt Bitcoin…and quick
Crypto regulation proposals are ‘in the works’ in more than one Latin American country.
2 min read
Updated: Jun. 14, 2021 at 11:41 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Mexican senators, Eduardo Murat Hinojosa and Indira Kempis, may have a lead in the Bitcoin (BTC) legalization race, but there is still a lot that could happen before the next legal tender status announcement.
Mexico’s government officials are already prepared to propose crypto regulation before the Chamber of Deputies, while Panama officials are preparing to raise the issue in the National Assembly.
The Chamber of Deputies
The two Mexican senators in favor of Bitcoin are expected to present their ‘crypto regulation’ proposal before the Chamber of Deputies, said Kempis in her tweet, confirming she will be the wingmen in the ultimate Bitcoin adoption plan, initially announced by Eduardo Murat Hinojosa.
México: dos senadores se pronuncian a favor de Bitcoin; propondrán cripto regulación ante la Cámara de Diputados – DiarioBitcoin https://t.co/TNwFakclSL
— Indira Kempis de I. (@IndiraKempis) June 10, 2021
In Mexico, the Chamber of Deputies of Congress is the lower house of the federal Legislative Power and in order for the crypto regulation to change the two senators will need to challenge the current Fintech Law, which regulates two types of companies, namely electronic payment institutions (EPIs or electronic money issuers) and crowdfunding institutions.
Under the current law, both types of institutions are permitted to operate with cryptocurrencies that are authorized by the Bank of Mexico.
The National Assembly of Panama
Meanwhile, Gabriel Silva, a Congressman in The National Assembly of Panama announced on Twitter his intention to propose legislation for the country to embrace Bitcoin and cryptocurrencies.
“This is important. And Panama cannot be left behind. If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies,” said Silva in his tweet, adding he will be working on preparing a proposal to present at the National Assembly of Panama.
Esto es importante. Y Panamá no se puede quedar atrás. Si queremos ser un verdadero hub de tecnología y emprendimiento tenemos que apoyar las criptomonedas
Estaremos preparando una propuesta para presentar en la Asamblea. Si están interesados en construirla me pueden contactarte https://t.co/yiAzPpD9nj
— Gabriel Silva (@gabrielsilva8_7) June 7, 2021
Besides Panama and Mexico, other Latin American countries are also joining the ultimate Bitcoin adoption race with their own representatives ready to challenge current regulation.
Bitcoin’s men on the ground include Fabio Osterman and Gilson Marques for Brazil, Jehudi Castro-Sierra for Colombia, Carlitos Rejala for Paraguay and Francisco Sánchez for Argentina.
Soccer and crypto have two things in common, the rest of the world will have to sweat it out to keep up with the fastest!
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.