With the signature of President Luis Lacalle Pou, Bill 20,345 to regulate bitcoin (BTC) and other cryptocurrencies was enacted in Uruguay, placing the South American country on the list of the few nations in the region that has a specific legal framework for this ecosystem.

In this way, the new law of Uruguay adds to the specific regulations for the industry of the criptocoins. Until now, these have been approved in countries such as Brazil, Venezuela, Argentina, and El Salvador, the latter being the most advanced in regulatory matters in the region for having the most comprehensive legal framework and being the only one that gave bitcoin the status of legal tender coin.
Law 20,345, approved in Uruguay, is a project that - unlike the majority of projects presented or approved in other countries - has the particularity of having been created by the National Executive, not by the legislative branch.
The proposal was presented more than two years ago by the Central Bank of Uruguay (BCU) and then sent to the Executive Branch, which was responsible for redirecting it to the Legislative Branch, where it went through a series of phases for its approval and promulgation this month of September.