October 18, 2021

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Uruguay's central bank analyzes the blockchain and regulates virtual assets

Uruguay’s central bank analyzes the blockchain and regulates virtual assets

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The central bank Uruguay is analyzing the potential scope of the use of blockchainAnd its implications for the stock market and its ability to improve the efficiency of payment systems.

The financial institution’s communications department told BNamericas that there was “strong enthusiasm” in the market to implement new business models and acknowledged receiving numerous requests to review this issue through the Innovation Office.

This year, the issuing institute created an internal working group dedicated to studying tools and processes using virtual assets in an interdisciplinary manner.

In addition, it outlined a business plan for the last quarter of the year in order to lay the foundations for its regulatory treatment.

As part of the plan, dialogue with industry players will be strengthened and the relationship with other regulators and international organizations will continue in order to deepen knowledge of their expertise in regulating and supervising these activities, the central bank indicated in a statement. .

You are expected to have a proposal ready this year to create a framework for regulating virtual assets.

Blockchain

The central bank is also working on a research project to understand how distributed ledger technology can aid its operations.

Within this framework, a clearinghouse prototype has been developed to simplify and abstract various traditional processes related to payments, sources explained to BNamericas. Within this work, a prototype was implemented using tokens and integrated with other systems.

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