{"id":46986,"date":"2023-11-12T16:43:43","date_gmt":"2023-11-12T16:43:43","guid":{"rendered":"https:\/\/innodebt.com\/markets\/crypto\/bitcoin-argentina-presents-draft-legislation-to-regulate-cryptocurrency\/"},"modified":"2023-11-12T16:43:44","modified_gmt":"2023-11-12T16:43:44","slug":"bitcoin-argentina-presents-draft-legislation-to-regulate-cryptocurrency","status":"publish","type":"post","link":"https:\/\/innodebt.com\/?p=46986","title":{"rendered":"Bitcoin Argentina Presents Draft Legislation to Regulate Cryptocurrency"},"content":{"rendered":"<div>\n<figure id=\"attachment_130148\" aria-describedby=\"caption-attachment-130148\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-130148\" class=\"wp-caption-text\">Image Source: Pixabay<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Bitcoin Argentina, a non-government organization dedicated to promoting crypto, has presented a draft bill aimed at regulating the cryptocurrency market in a manner that ensures decentralization and enhances public trust.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The proposal\u00a0<\/span><span data-preserver-spaces=\"true\">was introduced<\/span><span data-preserver-spaces=\"true\">\u00a0by Bitcoin Argentina\u2019s president, Ricardo Mihura, during the LABITCONF 2023 event held in Buenos Aires, Argentina\u2019s capital, on November 10.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The organization had previously opposed the idea of regulating the industry but now believes it is necessary to hold bad actors accountable and safeguard the blockchain.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe 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,\u201d Mihura said.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He further emphasized the need to address dishonest actors and projects operating under the blockchain brand.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The draft bill\u2019s first article focuses on categorizing cryptocurrency platforms and service providers into three groups based on their approach to property rights: decentralized, local centralized or willing to engage in dialogue with authorities, and global centralized.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While platforms falling under the centralized categories would be allowed to operate freely, the proposed legislation ensures that customers have the right to broad judicial protection and can claim damages in the event of a company\u2019s failure.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In contrast, decentralized platforms would not be subject to intervention by Argentine courts.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin Argentina Says Outright Crypto Ban is Ineffective<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">Mihura highlighted the ineffectiveness of outright bans on cryptocurrencies, emphasizing the global nature of blockchain technology.\u00a0<\/span><\/p>\n<blockquote>\n<p><span data-preserver-spaces=\"true\">\u201cNot even the United States can effectively prohibit the operation of the unlicensed cryptoeconomy [\u2026] Argentina has no possibility of prohibiting its residents from operating in global environments.\u201d<\/span><\/p>\n<\/blockquote>\n<p><span data-preserver-spaces=\"true\">Given these challenges, Bitcoin Argentina proposed a regulatory approach that provides the best possible legal framework for its citizens.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The draft bill also aims to hold all parties involved in fraudulent activities accountable, from the direct perpetrators to those profiting from fraudulent schemes. Mihura emphasized the need to protect victims throughout the entire marketing chain of fraud.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The timing of Blockchain Argentina\u2019s proposed bill coincides with Argentina\u2019s upcoming presidential run-off.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The election is between Sergio Massa, the country\u2019s economy minister, and Javier Milei, an economist turned politician advocating for the abolition of Argentina\u2019s central bank and the adoption of the United States dollar.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Argentina is currently grappling with a severe inflation crisis, with the country recording the fourth-highest annual inflation rate in the world at 121.7% over the past 12 months.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Meanwhile, the country has been one of the\u00a0<\/span><span data-preserver-spaces=\"true\">fastest-growing cryptocurrency markets<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to research from GWI, Argentina\u00a0<\/span><span data-preserver-spaces=\"true\">has one of the highest ownership rates<\/span><span data-preserver-spaces=\"true\">\u00a0of digital assets at 23.5%, only second to Turkey at 27.1%.<\/span><\/p>\n<p>\u00a0<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/bitcoin-argentina-presents-draft-legislation-to-regulate-cryptocurrency.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image Source: Pixabay Bitcoin Argentina, a non-government organization dedicated to promoting crypto, has presented a draft bill aimed at regulating the cryptocurrency market in a manner that ensures decentralization and enhances public trust.\u00a0 The proposal\u00a0was introduced\u00a0by Bitcoin Argentina\u2019s president, Ricardo Mihura, during the LABITCONF 2023 event held in Buenos Aires, Argentina\u2019s capital, on November 10. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-46986","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Argentina Presents Draft Legislation to Regulate Cryptocurrency | Innodebt<\/title>\n<meta name=\"description\" content=\"Image Source: Pixabay Bitcoin Argentina, a non-government organization dedicated to promoting crypto, has presented a draft bill aimed at regulating the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/innodebt.com\/?p=46986\" 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