Bitcoiners pitch draft bill to preserve blockchain, decentralization in Argentina
Non-government organization Bitcoin Argentina presented a draft bill proposing to regulate the cryptocurrency market in a way that preserves decentralization and strengthens public trust.
The proposed legal framework was pitched by Bitcoin Argentina's president Ricardo Mihura at LABITCONF 2023 in Argentina’s capital, Buenos Aires on Nov. 10. Bitcoin Argentina previously dismissed the idea that the industry needed to be regulated. However, the Bitcoin advocates now argue it is necessary to not only preserve blockchain but also hold bad actors accountable to the fullest extent of the law.
“We have always rejected attempts to regulate the crypto economy, but this time we set ourselves the goal of giving a positive response, with only two purposes: preserving decentralization and protecting savings and public trust.” Mihura added:
The first article of the legal framework focuses on separating cryptocurrency platforms and service providers into three categories to ascertain property rights — decentralized, local centralized or willing to dialogue with authorities, and global centralized.
Platforms that fall under one of the two centralized categories would be allowed to operate freely, but its customers would be granted “the broadest possible judicial protection,” guaranteeing the right to claim damages in the event of a company downfall.
It is understood that Argentina’s judiciary will not intervene on failures from decentralized platforms.
Courts will decide whether or not a cryptocurrency platform is sufficiently decentralized when resolving claims put forward by allegedly injured customers.
Related: Argentina's central bank halts cryptocurrencies from payment apps
Mihura stressed that imposing an outright ban on
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