Guatemala progresses in Bitcoin regulation after a key dialogue between Congress and the Central Bank
The Legislative Forum for Digital Transformation of the Guatemala Congress held a high -level meeting with Álvaro González Ricci, president of the Bank of Guatemala (Banguat), to analyze the initiative of Law 6538 that seeks to regulate the use of Bitcoin (BTC) and other digital assets in the country.
In the meeting too Representatives of the Public Ministry of Guatemala participated, as well as the Superintendency of Banksthe Superintendence of Tax Administration; and leaders of cryptocurrency companies in Central America.
The law proposal, promoted by Deputy Shirley Rivera (Block Vom) and presented on May 12, was discussed on Wednesday with authorities and representatives of the private sector. The project raises a regulatory framework for safe and transparent transactions with bitcoin and cryptocurrencies, recognizing them as “means of voluntary exchange” Among individuals, although without legal tender character.
During the meeting, González Ricci supported the need for a “specific regulation.” He added that digital currencies are in circulation in the country and it is necessary to regulate their use, since they are highly volatile assets and that it can affect the economy of the Guatemalans, as reported through the Congress website.
“A regulation must be approved and it was agreed to make a technical table to analyze the law initiative on the use of cryptocurrencies that are growing, and those who want to invest must be safe, so that they do not lose their economic resources,” said parliamentarian Jorge Mario Villagrán, president of the Presidential Forum for the digital transformation of the Congress of the Republic.
The legislative initiative, still pending to be read in the Plenary of Congress, The authority to supervise and control Bitcoin transactions grants the Superintendency of Banks and other digital assets, with the idea of ensuring a solid regulatory framework. This measure seeks to guarantee a safe environment for users and promote confidence in the use of digital currencies.
In addition, the law establishes provisions to prevent fraud and financial crimes, implementing strict measures against scams. Companies that operate or promote cryptocurrencies in the country will be obliged to meet transparency, cybersecurity and user protection standards.
The consensus between legislators and the monetary governing body marks a key step in the route to the Guatemalan digital transformation, placing the country among those who have a regulation of Bitcoin in Central America, where the Savior stands out. Regulating Bitcoin and cryptocurrencies is a key step in Latin America, since “the lack of a legal framework limits the use of digital assets,” according to a cryptootic report.
