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The Argentine Senate has proposed a project that would focus on the regulation of cryptocurrency advertisement in the country.
This is to better protect the consumers from fraud while also educating them on the dangers of investing in crypto.
Sponsored by Senator Eduardo Andrada and others, the project also targets the protection of investors from fake and Ponzi-based cryptocurrency schemes.
Speaking during the meeting, Sebastian Negri, a member of the Argentine Securities Commission lamented that the country currently has low regulation of the ecosystem.
“With the rise of Bitcoin from 10,000 to 69,000 dollars, what they did was promise people that the profitability that occurred the previous year was going to be repeated for those who entered now. That is false advertising. One cannot promise guaranteed profits. That’s a basic rule, but it was happening.” he said.
The project is however still under consideration as the stakeholders were divided on the next line of action.
“I don’t like this project. I don’t like regulations and I don’t really understand how to regulate something that isn’t regulated. It sounds to me that it is a first step towards a regulation.” one of the legislators, Angela Negri said.
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