The pandemic boosted the crypto coin popularity and proved its strong points. As we have seen in the last years, governments are opened towards the cryptocurrency industry, but they are still trying to control laws, the decentralized system. Now Peru is taking its lawmakers to test ways of regulating at least the crypto industry exchanges.
Recently, one of the Peruvian regulator authority representatives said on October 26 that studies performed on local crypto exchanges keep on going despite the COVID-19 pandemic. The country is open to the crypto industry but is looking to find ways to regulate it, at least on a national level.
Just like Russia, China, Peru should test the territory first, but their advantage is that they saw other internal local law and regulation pros and cons. In the local Peruvian news, the Superintendent of the Financial Intelligence Unit of Peru (UIF), Sergio Espinosa, stated that the need to work out the policy behind cryptocurrencies in the country is a priority.
He sincerely admitted that the continuous diagnosis of so-called virtual assets in Peru, including Bitcoin and other virtual assets that are not currencies, need regulation on the matter of trading and regulations.
At the 2020 ICCAC Congress organized by the Word Compliance Association and the Lima Chamber of Commerce, Espinosa remarked on the lack of data on the crypto industry, calling it unknown territory.
He also said that studies into local crypto exchanges began in August with collecting enough information to figure out future laws for the crypto sphere in Peru.
Nor further details were provided, about which exchanges were on the financial radar in September. It is well known, that most of the research will last between 19 and 22 business days. The preparation of any notification documents, to the issuance of the final report on the results of the same, take that much.
No clear position on cryptocurrency was yet established by the Peruvian authorities. Though the COVID-19 pandemic fueled the development of blockchain technology in Peru, before embracing the new worldwide trend, future laws are needed.
Peruvian crypto regulation came from the Congress of the Republic of Peru, promulgated the law on October 22, establishes an electronic means of payment as a public necessity.