The Central Bank of Uruguay issued a subpoena to Binance for offering encrypted savings products

[The Central Bank of Uruguay issued a subpoena to Binance for providing encrypted savings products] According to news on August 1, the Central Bank of Uruguay has issued a subpoena to the encrypted exchange Binance because they provide a series of encrypted savings products in the country. According to the bank, these savings products can only be produced through verified banking institutions or companies that issue shares on the national stock market, while Uruguay still has no regulation for cryptocurrencies. Additionally, the Central Bank of Uruguay called on Binance to stop promoting these investment products as savings-focused activities.

Binance responded immediately to the Central Bank of Uruguay, with whom the exchange is already in dialogue on the issue. It is possible for the company to issue a statement of defense and state its views on investment products. (Bitcoin.com)

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Central Bank of Uruguay Issues Subpoena to Binance for Offering Crypto Savings Products: According to news on August 1, the Central Bank of Uruguay has issued a subpoena to crypto exchange Binance for offering a range of crypto-based savings products in the country. According to the bank, these savings products can only be produced through verified banking institutions or companies that issue shares on the national stock market, while Uruguay still has no regulation for cryptocurrencies. Additionally, the Central Bank of Uruguay called on Binance to stop promoting these investment products as savings-focused activities.

Binance responded immediately to the Central Bank of Uruguay, with whom the exchange is already in dialogue on the issue. It is possible for the company to issue a statement of defense and state its views on investment products. (Bitcoin.com) [2022/8/1 2:51:11]

The Central Bank of Uruguay formulates a "work plan" for digital asset supervision: Jinse Finance reported that the Central Bank of Uruguay (BCU) has formulated a "work plan" to lay the foundation for the regulation of digital assets and companies that provide these services. The entity confirmed in a statement on Friday that the BCU plans to finalize a proposal by the end of the year to amend the current legal provisions dealing with digital assets and create a clear framework to regulate these activities. The BCU will also facilitate "dialogue with industry players and will continue its relationships with other regulators and international organizations to deepen their understanding of their regulatory and supervisory experience in these activities". The BCU stated that the digital asset is not a legal tender like the Uruguayan peso, which is not issued and not backed by any central bank. Currently, the BCU added that the issuance and trading of digital assets fall outside the scope of the central bank’s activities and are therefore not specifically regulated. \u2028\u2028 (CoinDesk) [2021/10/5 17:24:26]

President of the Central Bank of Uruguay: Cryptocurrencies will not be able to enter circulation: Mario Vergara, President of the Central Bank of Uruguay, said that cryptocurrency will not be able to enter circulation because it does not have enough institutions and reliability to be measured, according to Radio Sputnik unit. The worry about cryptocurrencies is not their ability to replace national currencies, but their instability and volatility. [2018/4/27]