Peru is trying to understand future laws by studying the crypto exchanges

The Peruvian Lawmakers are continuing seeking for ways of regulating the crypto industry despite the COVID-19 pandemic.

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On October 26, a Peruvian regulator authority said that despite the COVID-19 pandemic, their studies on local crypto exchanges will continue due to the fact that their government wishes to regulate the national crypto industry.

According to Sergio Espinosa, Superintendent of the Financial Intelligence Unit of Peru (UIF), they need to figure out the cryptocurrencies’ policy in their country. Espinosa calls this a priority and according to Cointelegraph he explains that;

“One of the topics that we have not stopped is a diagnosis — which is being done — of the presence and scope in Peru of so-called virtual assets, including Bitcoin and other virtual assets that are not currencies, but that exist, trade and circulate, so there is a need to put out regulation on the matter.”

Participating in the IV International Congress on Compliance and the Fight Against Corruption, Espinosa stated that his country is totally in dark regarding the crypto sector, which he called the uncharted territory. Thus they commenced their studies and investigation last august as well as September and mentioned that the major bulk of the research will take between 19 and 22 business days. Yet, Mr. Supervisor didn’t exactly mention which exchanges they have been watching.

Despite the fact that COVID-19 pandemic has accelerated the adoption or more rapid development of blockchain technology in the world, the Peruvian officials have not made their position clear regarding the cryptocurrencies.

A recent regulation change has been recently noticed by the Congress of the Republic of Peru, passing a law regarding establishing an electronic means of payment as a public necessity.

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