The Argentine senate is debating a draft bill that would control how people and organizations promote cryptocurrency. The project’s goal, which is still up for discussion, is to warn consumers about the risks of investing in cryptocurrencies and guard them against doing so in Ponzi schemes.
Argentine Senate Gets Into Crypto Advertisement Regulation
Action is being taken in an increasing number of nations to stop the spread of cryptocurrency scams through advertising channels. Argentina has started to consider establishing laws governing cryptocurrency-related advertising. Argentina is one of the Latam nations where adoption of cryptocurrencies has been rising. The discussion, which Senator Eduardo Andrada and others are promoting, would center on educating potential cryptocurrency users about the unique characteristics of these assets.
In the same vein, safeguarding investors from falling for phony and Ponzi-based crypto schemes would be another goal of this potential project. Members of the Argentine Securities Commission Sebastian Negri and Martn Breinlinger attended the meeting, where several cryptocurrency marketing and advertising schemes were presented.
One of the ideas put forth suggested including slogans outlining the risks that such investments carry in any crypto-related publicity.
The proposed project was viewed differently by senators and other assistants. Negri outlined the advantages that prospective investors would experience if the law was approved. He declared:
What they did was promise people that the profitability that occurred the previous year would be repeated for those who entered now, as Bitcoin rose from 10,000 to 69,000 dollars. That is deceptive marketing. It is impossible to guarantee profits. That’s a fundamental rule, but it was being broken.
Negri added that because the country’s ecosystem is not heavily regulated, crypto can do what traditional financial institutions like banks are unable to. Senator Angela Negri disagreed with the idea of regulating crypto advertising, arguing that it might lead to the Senate becoming involved in other crypto-related issues.
This project is not to my taste. I don’t like rules, and I’m not sure how to control something that isn’t already controlled. It appears to be the first step toward a regulation, in my opinion.
Regulations on this topic have already been established in other nations. Spain established its own regulations to regulate cryptocurrency publicity in January, focusing first on influencers. In a similar vein, the United Kingdom declared in July that it would increase its watchfulness over deceptive cryptocurrency campaigns.