Non-government organization Bitcoin Argentina presented a draft bill proposing to regulate the cryptocurrency market in a way that preserves decentralization and strengthens public trust.
The proposed legal framework was pitched by Bitcoin Argentina’s president Ricardo Mihura at LABITCONF 2023 in Argentina’s capital, Buenos Aires on Nov. 10. Bitcoin Argentina previously dismissed the idea that the industry needed to be regulated. However, the Bitcoin advocates now argue it is necessary to not only preserve blockchain but also hold bad actors accountable to the fullest extent of the law.
“We have always rejected attempts to regulate the crypto economy, but this time we set ourselves the goal of giving a positive response, with only two purposes: preserving decentralization and protecting savings and public trust.” Mihura added:
“We cannot close our eyes to the number of dishonest actors and projects that circulate with the blockchain brand.”
Ricardo Mihura speaking at the cryptocurrency regulation panel at LABITCONF 2023. Source: LABITCONF.
The first article of the legal framework focuses on separating cryptocurrency platforms and service providers into three categories to ascertain property rights — decentralized, local centralized or willing to dialogue with authorities, and global centralized.
Platforms that fall under one of the two centralized categories would be allowed to operate freely, but its customers would be granted “the broadest possible judicial protection,” guaranteeing the right to claim damages in the event of a company downfall.
It is understood that Argentina’s judiciary will not intervene on failures from decentralized platforms.
Courts will decide whether or not a cryptocurrency platform is sufficiently decentralized when resolving claims put forward by allegedly injured customers.
Related: Argentina’s central bank halts cryptocurrencies from payment apps
Mihura stressed that imposing an outright ban on cryptocurrencies — which some governments have tried to do — simply wouldn’t work given the global nature of blockchain:
“Not even the United States can effectively prohibit the operation of the unlicensed cryptoeconomy […] Argentina has no possibility of prohibiting its residents from operating in global environments [so] we believe that it does not make sense to propose a top-down ban and we choose to propose the best that the law can offer to its citizens.”
“This includes those directly responsible and all those who profit in the marketing chain of a fraud, until the final victim,” Mihura added.
Blockchain Argentina’s proposed bill comes one week ahead of Argentina’s presidential run-off election between Sergio Massa, the country’s economy minister and Javier Milei, an economist turned politician who wants to abolish Argentina’s central bank and adopt the United States dollar.
Argentina is currently battling an inflation crisis. Over the last 12 months, the country has recorded the fourth largest annual inflation rate in the world at 121.7%.
Magazine: Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame
Very interesting info !Perfect just what I was searching for!
Hey, you used to write magnificent, but the last several posts have been kinda boring?K I miss your great writings. Past few posts are just a little out of track! come on!
I really appreciate this post. I’ve been looking everywhere for this! Thank goodness I found it on Bing. You’ve made my day! Thanks again!
Wow! This can be one particular of the most useful blogs We’ve ever arrive across on this subject. Actually Great. I am also an expert in this topic so I can understand your hard work.
I do not even know how I ended up here, but I thought this post was good. I don’t know who you are but certainly you’re going to a famous blogger if you aren’t already 😉 Cheers!
Thank you for sharing with us, I conceive this website really stands out : D.
Hiya, I’m really glad I’ve found this information. Nowadays bloggers publish just about gossips and internet and this is actually frustrating. A good website with interesting content, this is what I need. Thanks for keeping this web site, I will be visiting it. Do you do newsletters? Can not find it.
Hi , I do believe this is an excellent blog. I stumbled upon it on Yahoo , i will come back once again. Money and freedom is the best way to change, may you be rich and help other people.
I enjoy the efforts you have put in this, thanks for all the great blog posts.