Crypto adoption is rising high on the political agenda in Latin America, where legislation is edging closer to promulgation â although Argentinean Bitcoin (BTC) and crypto miners have received a warning that if the chips are down, they could be ordered to power down their rigs.
In Panama, the Gabriel Silva, the MP who masterminded a draft law named âCrypto Law: Making Panama compatible with the digital economy, blockchain, cryptoassets, and the internet,â took to Twitter to fete the passing of his bill in a third reading in parliament. The bill will still need to be signed by President Nito Cortizo before it passes into law, but that process should now be a formality, and will likely be completed in the coming weeks.
Meanwhile in Brazil, the Senate has approved another private memberâs crypto bill that seeks to create legal terminology for concepts such as cryptoassets and virtual asset service providers (VASPs, the terminology that is used by the Financial Action Task Force). The draft law also mandates the creation of a regulatory body for crypto, and seeks to purge scams with the creation of a new legal offense pertaining to âfraud relating to the provision of services of virtual assets, securities, or financial assets.â
Across the border in the southwest, however, crypto miners in Argentina have warned that they will be ordered to cease operations first in the event of power shortages, and told they will not receive subsidies from local government bodies.
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