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Argentinian lawmakers seek to regulate the crypto industry.

The head of Argentina's central bank is closely watching cryptocurrencies, but he has no issue with those who choose to accep
The head of Argentina’s central bank is closely watching cryptocurrencies, but he has no issue with those who choose to accept them for payments.

An Argentinian lawmaker is expected to propose a bill in parliament that will give digital currencies legal status in the South American country. The bill is also expected layout regulations for the crypto industry, which is growing rapidly amid chaos in the local economy. According to the local news outlet iProUp report, Ignacio Torres, a member of the Argentina parliament, will present the bill this week. The proposed bill would aim to “create a comprehensive regulatory framework applicable to civil and commercial transactions and operations of crypto assets,” the outlet claimed.

The new bill would recognize digital currencies as a means of payment.

The new bill would finally recognize cryptocurrencies as a means of payment, savings, or investment, the report further reveals. It would give legal status to cryptocurrencies for the first time in Argentina, recognizing them as a “digital representation of value which uses blockchain technology as a fundamental infrastructure and can be used as a medium of exchange, store of value and unit of account.” Argentinian lawmaker said his intention with the new bill is to recognize digital currencies as financial assets.

The new bill will establish the role of cryptocurrencies in Argentina.

Ignacio Torres further noted that it’s regrettable that Argentina has been lagging behind other countries in the regulation of digital currencies. This is despite the South American country having a rapidly growing digital currency ecosystem. The local news outlet estimated the number of digital currency users in Argentina at 900,000. In drafting the bill, the lawmakers pooled together some of Argentina’s leading cryptocurrency experts who offered insight into the industry. One of these is Efrain Barraza, the operations manager at digital currency ATM operator Athena Bitcoin. Speaking to the local news outlet, Barraza stated that the bill will attract more investors as they will have government protection now.