The Argentinean congressman submitted a bill on cryptov currencies and blockades

11.11.2020
Argentinean congressman Ignacio Torres has prepared a bill to regulate the cryptovrency industry. It will be presented to the Argentinean parliament next week.

Efraín Barraza, operating director of Athena Bitcoin’s Argentine cryptomat network, and Alberto Vega, CEO of Bithan, participated in the drafting of the bill. They noted the need for a clear legal regulation of the Blockchain and cryptology in Argentina, given that other countries had long been involved in this issue.

Barrasa believes that the correct development of the cryptovoltaic industry should take place within the framework of the law, and for this purpose it is necessary to protect traders and investors. The lack of regulation creates favorable conditions for swindlers and crypt-currency pyramids. Vega, in turn, noted that regulation of bitcoin and other digital currencies is not discussed at the state level or in political debates. Vega is convinced that if the Argentinean authorities start taking advantage of crypt-currency, it will bring great benefits to the country;

«We have been working in the crypto industry for a long time and we know about its problems. There are many firms whose bank accounts are closed for no reason. It speaks about arbitrariness. We need to sit at the table with the government to discuss the regulation of cryptographic currency and the latest technologies, because everyone will benefit from it,» Barrasa said;

He explained that in the case of traditional assets, regulators cannot go beyond and exceed their powers. However, things are different in the world of cryptology. The nature of digital currencies is such that they can be used for completely different things in the real world, so one should try to lay at least a general foundation for controlling cryptov currencies. Barasa added that the new draft law aims at mass implementation of the bloc and digital assets, which can improve and even replace existing business processes in different areas;

According to a recent Survey Paxful, 74% of Argentines believe that in the current political and economic climate, cryptov currencies are the best way to invest in the long term. In addition, according to Arcane Research, in April the demand for Bitcoin in Argentina paxful due to fear of default in the country;