Bitcoin Argentina, a non-government organization, has presented a draft bill proposing the regulation of the cryptocurrency market. This represents a change in their previous stance, as they had previously rejected the idea of regulation. The goal of the proposed legal framework is to preserve decentralization and strengthen public trust in the industry. The president of Bitcoin Argentina, Ricardo Mihura, explained that the need for regulation arises from the presence of dishonest actors and projects in the blockchain space. The bill suggests categorizing 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 be provided with judicial protection in case of company failures. The proposed bill also acknowledges that Argentina’s judiciary will not interfere with failures from decentralized platforms.
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