Crypto Currency News

Peru to debate crypto regulation in Congress

The project presented by Jose Elias Avalos considers bitcoin as “an asset with book value”.

Peru’s Congress will debate a bill to create a regulatory framework for cryptocurrencies.
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It is the ” Framework Law for the Commercialization of Cryptoassets “, an initiative presented by Jose Elias Avalos, from the Podemos Peru party, which gives bitcoin (BTC) the status of “asset with book value. ”

According to the official publication of the Peruvian Congress, the law seeks to establish certain criteria and guidelines for the operation and functioning of crypto exchanges, based on certain “free market and free competition” criteria. In addition, it promptly clarifies that investors are primarily responsible for their actions when using digital assets.

” The acquisition and use of crypto assets and cryptocurrencies is the absolute responsibility of their buyers and owners who, based on the principles of the free market and free competition, should seek to inform themselves of the risks inherent in trading with assets of any kind,” said Ávalos.

The project also proposes the creation of a public registry of crypto service providers and a tacit and mandatory commitment to report “suspicious transactions” to the Financial Intelligence Unit.
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On the other hand, anticipating rumors that could link the initiative to El Salvador’s Bitcoin Law, the legislator clarified in his document that cryptocurrencies would not be considered legal tender.

Peru has stood out as one of the countries with the highest growth in terms of crypto adoption in Latin America during 2021. In the first semester alone, the use of digital assets soared by 600% compared to the previous year.

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