The Guatemala Parliament’s Legislative Forum for Digital Transformation held a high-level meeting with Alba Logonzalez Rich, president of the Bank of Guatemala (Bangat), and analyzed the initiative of Law 6538, which sought to regulate the use of Bitcoin (BTC) and other digital assets in the country.
Even at the meeting Representatives from the Guatemala Ministry of Public Affairs participated, and bank supervision also participated.overseeing tax management. Leader of Central American cryptocurrency companies.
The proposed legislation, promoted by Deputy Shirley Rivera (Brock Vom), announced on May 12, was discussed with private sector authorities and representatives on Wednesday. The project raises a regulatory framework for secure and transparent transactions using Bitcoin and cryptocurrency. Recognize them as “a means of voluntary exchange.” There is no legal bidding character among individuals.
During the meeting, González Ricci supported the need for “specific regulations.” He added that digital currencies are circulating domestically and they are extremely unstable assets and can affect the Guatemalan economy as reported through the Congress website, so its use should be regulated.
“Regulations must be approved and it has been agreed to create a technical table to analyze the growing legal initiative on the use of cryptocurrency.
Pending legislative initiatives still read throughout the Congress; The authority to supervise and manage Bitcoin transactions grants bank supervision Other digital assets with the idea of ensuring a solid regulatory framework. This measure aims to ensure a safe environment for users and promote trust in the use of digital currency.
Additionally, the law establishes provisions to prevent fraud and financial crimes and implements strict measures against fraud. Companies operating or promoting cryptocurrency in the country are obligated to meet transparency, cybersecurity and user protection standards.
The consensus between legislators and financial governing bodies identifies a critical step in Guatemala’s route to digital transformation, placing the country among those with Bitcoin regulations in Central America, where the savior stands out. According to the Cryptootic Report, Bitcoin and cryptocurrency regulations are a key step in Latin America.