Regulation of cryptocurrencies in Peru

Regulation of cryptocurrencies in Peru

By micronacion | micronacion | 17 Jul 2024


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The issue of regulation is on the agenda in addition to the presentation to Congress of a Project titled, Cryptoasset Marketing Framework Bill. Regulatory measures are proposed for the cryptocurrency market. Adolfo Morán, lawyer and specialist in new technologies, comments that the project does not address issues of money laundering, controls and procedures for the user's knowledge.

For his part, it is known that the BCR is advancing in the creation of a digital currency that would be called CBDC, with the purpose of including more Peruvians in the financial system. The president of the BRCP Julio Velarde at the World Economic Forum in Davos, announced that the use of digital currencies in the Peruvian economy is viable. The topic sounds distant because the majority of Peruvians are not banked. Only 46 percent, while 54 percent, have an account in the financial system, according to INEI data. Peru, Brazil, Argentina, Colombia, Brazil, Chile, Mexico and Venezuela have adopted cryptocurrencies, joining the global economy.

The Peruvian economy is very close to achieving cryptocurrency management. Its legislation does not prohibit it, its use is legal for natural or legal persons. The Superintendency of the Securities Market, the Central Reserve Bank of Peru, has issued favorable positions on the possibility of regulating cryptocurrencies, warning users about the risks of using them in the face of piracy and cybercrime. They also show their caution that they could be used in money laundering, tax evasion or other illegal activities.

Of the cryptocurrency movement in our country, according to Binance, Bitcoin, Ethereum, Bitcoin cash, USD coin, Litecoin, Riple, Dogecoin, among some, stand out. We mention two cryptocurrency ventures in the interior of Peru such as IntiCoin and Inti Kota. It is mentioned that cryptocurrencies do not have the support of a central banking entity, in order not to generate additional costs, they remain deregulated.

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