Argentine Senate Considers Crypto Advertising Regulation – Regulation Bitcoin News

[ad_1]

Argentina’s senate is discussing a preliminary draft that would regulate how individuals and organizations promote crypto. The aim of the project, which is still under discussion, would be to educate consumers about the dangers of investing in crypto and also to protect them from investing in crypto Ponzi schemes.

Argentine Senate Enters Crypto Advertising Regulation

More and more countries are taking steps to prevent the spread of cryptocurrency scams through advertising channels. Argentina, one of the countries in Latin America where cryptocurrency adoption has grown, has started thinking about establishing crypto-related advertising laws. The discussion, which is being promoted by Senator Eduardo Andrada and others, would focus on educating potential cryptocurrency users about the idiosyncrasies of these assets.

Similarly, another of the goals of this potential project would be to protect investors from fake Ponzi-based crypto schemes. The meeting, which saw the presence of Sebastian Negri and Martn Breinlinger, members of the Argentine Securities Commission, presented several cryptocurrency systems that had promotion and publicity through different media.

One of the ideas presented proposed that all crypto-related advertising should include slogans explaining the risks that such investments carry.

Opinions divided

Senators and other aides had different views on the proposed project. Negri explained the benefits that the approval of such a law would bring to potential investors. He stated:

With Bitcoin surging from $10,000 to $69,000, what they did was promise people that the profitability that happened the year before was going to repeat itself for those who entered now. This is false advertising. We cannot promise guaranteed profits. It’s a basic rule, but it was happening.

Furthermore, Negri said that traditional financial institutions, such as banks, are unable to do this, but crypto can due to the weak regulation of the ecosystem in the country. However, Senator Angela Negri voiced her disapproval of regulating crypto advertising, saying it could lead to the Senate getting caught up in other crypto-related issues.

I don’t like this project. I don’t like regulations and I don’t really understand how to regulate something that is not regulated. It seems to me that this is a first step towards regulation.

Other countries have already established regulations on this subject. In January, Spain set its own rules to control crypto advertising, targeting influencers first. Similarly, the UK announced in July that it would increase its vigilance against misleading crypto campaigns.

What do you think of the Argentine Senate’s proposal to regulate crypto ads? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price spike happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at the social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is provided for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More popular newsIn case you missed it

[ad_2]