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Bitcoin enthusiasts propose draft legislation to safeguard blockchain technology and decentralization in Argentina

Bitcoin enthusiasts propose draft legislation to safeguard blockchain technology and decentralization in Argentina

Bitcoin Argentina, a non-government organization, has presented a draft bill proposing to regulate the cryptocurrency market in a way that preserves decentralization and strengthens public trust. This is a significant shift in their stance, as they previously rejected the idea of regulation. The proposed legal framework aims to hold bad actors accountable while protecting savings and public trust. The bill categorizes cryptocurrency platforms and service providers into three categories based on their level of centralization. Platforms falling under the centralized categories would be allowed to operate freely, but customers would have the right to claim damages in case of company downfall. Decentralized platforms would not be subject to judicial intervention. The bill comes at a time when Argentina is facing an inflation crisis, and the country’s presidential run-off election is approaching.

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