Uruguayan Lawmaker Proposes Bill to Treat Crypto as Legal Tender

[DooMAD]

This sounds closer to what Japan have already done, where Bitcoin is a legally recognised currency, but not legal tender.  People often confuse the two.  A currency can be accepted by a business if they choose.  Whereas legal tender must be accepted and businesses have no choice about that.  You can pay your taxes in legal tender, but can't pay them in other currencies.

[dkbit98]

This sounds closer to what Japan have already done, where Bitcoin is a legally recognised currency, but not legal tender.  People often confuse the two.  A currency can be accepted by a business if they choose.  Whereas legal tender must be accepted and businesses have no choice about that.  You can pay your taxes in legal tender, but can't pay them in other currencies.

Real question is what is better option for Bitcoin, to be legal currency or legal tender?
I don't know how many business in Japan officially accept Bitcoin, but I am sure that it will be more of them accepting BTC in El Salvador according to what you said about legal tender.
Nor exactly sure how this thing will play out in Uruguay and other countries, but regulations is changing so quickly and it's hard to follow it.
I would much rather have less government parasites, less rules, less regulations and more freedom, but it looks like many people can't or won't live like that.

[Charles-Tim]

Go Uruguay go!
I won't be happy about this news until I see this confirmed, but if this bill comes true than Uruguay will be the second Bitcoin domino that will create cascade of events around the world, all starting from South and Latin America.

The thread title is misleading, Uruguay is not making Bitcoin a legal tender as I have commented before on this thread, they only want to make legal businesses in the country to accept Bitcoin.

Real question is what is better option for Bitcoin, to be legal currency or legal tender?

Both, but making Bitcoin a legal tender could help more in adoption as some countries legal tender means that citizens are forced to accept Bitcoin as a payment method. Like in El Salvador, if you want to pay in Bitcoin to anyone, the person has no choice than to accept. But Bitcoin gives freedom, while people should not be forced to accept Bitcoin, it should be their choice. It would have been best for countries to just make Bitcoin a legal form of payment which can still also increase Bitcoin adoption and the use of lightning network for payment.

Making Bitcoin a legal form of payment is better, and this is what Uruguay and Ukraine are working towards now, and I believe some other countries will follow.

Lawmaker Proposes Bill to Allow Crypto to be Used for Payments
New bill in Ukraine to allow payments in cryptocurrency, says official

[DooMAD]

Real question is what is better option for Bitcoin, to be legal currency or legal tender?

I'd imagine that's entirely subjective.  Everyone is going to have their own thoughts and opinions on it, so I don't think there's a right or wrong answer to it.  Particularly when we still don't know the outcome yet.  It's still another month or so to go before we find out for certain what impact El Salvador is going to have.  People assume Bitcoin as legal tender there will be a net-positive thing, and I certainly hope it will be, but this is something that's never been attempted before.  I'd like to see it in action before I draw any conclusions.  I forget the date it becomes legal tender in El Salvador, but I'm sure it was in September.

Ask me again in October, heh.  

[kryptqnick]

If it's just a draft bill, let's not get too excited. Many bills are killed early on, and this one offers something quite innovative and untested, so this might end up to be one of those proposals that never get implemented. If it does gain enough support, this could be awesome news and gain way more attention than a similar decision in El Salvador. The reason for this is that El Salvador is in a terrible economic and political situation, so it's not surprising that they might try adopting Bitcoin out of desperation. Uruguay, on the other hand, seems to have a very decent economy, so its example can get more countries interested in treating Bitcoin as money and potential benefits of this decision to an already good economy.

[aku_sultan20]

Talk about Juan Sartori. He was an influential man with many great influences under him.
Lately I often come across good topics about bitcoin and crypto curency I am happy and hopefully will be assimilated in all countries. Although maybe the bill of each state has rejected it. Although only 3 countries bill that accept bitcoin. Panama.. uruguai.elsalvador but I am optimistic that other countries will follow.
Thank you for adding reference to my knowledge. Will bitcoin be against the dollar? Or be a good partner?

[Sebas.tian]

Many countries are preparing to legalized bitcoin so that their citizens will have full access to cryptocurrency in the country. Since it is educated people that raised such bill in the country, it will definitely stand and it will bring positive change to their country. The lawmakers have heard how other countries are using bitcoin to grow their economy and other  activities in the country by legalized bitcoin for the country.
If the government can sign such bill into law so that bitcoin can be legal in the country, it will bring a lot of changes to the communities in the country. It will reduce inflation in the country and maintain deflation to allow the citizens to enjoy the economy as never before.

[aku_sultan20]

That truly support the Uruguay citizens free to use bitcoin and other cryptocurrencies. By the time through the bill it is also into discussion about the law for mining of cryptocurrencies. When cryptocurrency usage is legalized automatically mining must be taken into consideration. If not this would be a big issue.

In recent days Iran faced such an issue. It legalized the usage of cryptocurrency, but there is nothing specific about cryptocurrency mining. When China closed doors for mining, more miners were moved to Iran due to the low electricity consumption charge. The same has resulted in making the government think of banning cryptocurrency usage. Because, without any proper licensing more than 85% miners are run. This illegal form of mining has caused severe power failure issue and the government isn't able to meet the needs. Only 5% miners are running in a legitimate manner.

I've also heard this in some countries. Many people take electricity in a steal.
As happened in Warsaw Poland recently, a computer technician was arrested by the Polish National Police for illegal mining at a police station. He stole electricity to mine cryptocurrencies.

Not only stealing the electricity supply, he also uses a computer owned by the police to mine cryptocurrencies. for the benefit of the dark-eyed brand. What is the best way for those who do not have enough capital. I understand about crypto but want to own bitcoin??.. Other than the act of stealing.
Crypto curency with the art of crypto grafi makes computer taknisi / individuals want to develop talent. About the love of computers