Pro-crypto lawmakers in Latin America push to legalize Bitcoin: Update

Pro-crypto lawmakers in Latin America push to legalize Bitcoin: Update

BUSINESS & ECONOMY| Jun 12, 2021 | WOZINGA NEWS

Pro-crypto lawmakers in Latin America push to legalize Bitcoin: Update

  • Latin American policymakers, who are Bitcoin supporters, want to follow the legislative move of El Salvador. 
  • International Monetary Fund spokesperson Gerry Rice has admitted the challenges in legalizing Bitcoin. These include ‘macroeconomic, financial, and legal issues.’ 

By Marielle Petere Wozinga Journalist

Pro-crypto lawmakers in Latin America push to legalize Bitcoin: Update

El Salvador has become the pioneering country to adopt crypto as legal tender. It catches the attention of other neighboring countries to legalize Bitcoin.

Some politicians from Argentina, Brazil, and Colombia show their interest in cryptocurrency. Others, like Mexico and Paraguay, express their intention to follow the legislative move in legalizing Bitcoin.

Also, news about potential Bitcoin adoption in other countries in Latin America has highlighted El Salvador President Nayib Bukele with the legislators’ decision.

El Salvador's Bitcoin adoption and issues

However, Bloomberg reported the statement of International Monetary Fund spokesperson Gerry Rice. He talked about the current situation of Bitcoin adoption as legal tender.

Rice has considered the high volatility of cryptocurrencies. Also, he has admitted the possible ‘series of risks and regulatory challenges’ in El Salvador’s Bitcoin adoption.

Based on IMF team assessment, it includes ‘macroeconomic, financial, and legal issues.’ Then, Rice emphasized the necessity of appropriate regulatory measures when dealing with this matter.

Right now, the IMF works together with Pres. Bukele and El Salvador’s authorities to provide careful analysis and consultation.

Through the virtual meetings, they review the prospective Bitcoin program that comprises government policies to strengthen the economy for the country.

Meanwhile, the Managing Director & Fixed Income Strategist of Amherst Pierpont, Siobhan Morden, sent a statement to Bloomberg.

“The plans for Bitcoin under an increasingly autocratic regime will likely only compound concerns about corruption, money laundering, and the independence of regulatory agencies,” Morden wrote.

The goal to legalize Bitcoin

Still, pro-Bitcoin politicians have become vocal on Twitter. They have even added laser eyes on their profiles which represent that they support cryptocurrency.

Recently, Cryptoslate mentioned Mexican Senator Eduardo Murat Hinojosa confirmed that he has planned to submit a proposal for crypto adoption. He aims to make Mexico a leading FinTech country.

In this case, Sen. Hinojosa has gained a companion for this movement as Sen. Indira Kempis Martínez has expressed her support.

Both of them have added their Twitter profile with laser eyes. Oaxaca governor has followed Sen. Martinez to support crypto adoption and has switched with laser eyes, Sen. Hinojosa tweeted.

In addition, The Street revealed that other lawmakers of Latin America have hinted to support the pro-Bitcoin policy for their countries. First on the list is Paraguay Congressman Carlitos Rejala.

The second on the list is Panama lawmaker Gabriel Silva. He tweeted that Panama cannot be left behind. He pointed out that supporting cryptocurrencies is an effective way to make Panama a technology and entrepreneurship hub.

Next are Fabio Ostermann, Brazil State Deputy for the Rio Grande do Sul, and Brazil Federal Deputy Gilson Marques. They have used symbolic laser eyes in their Twitter profile.

Moreover, the Digital Transformation Advisor of Colombia, Jehudi Castro-Sierra, tweeted. He indicated that Bitcoin changes absolutely everything. Even Argentina National Deputy for Neuquén, Francisco Sánchez, has used the laser eyes.

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