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Does Guatemala need a cryptocurrency law? This is what experts say
The debate on a possible cryptocurrency law in Guatemala begins with a key question: is it the right time or would it be to legislate without technical basis?
While barely appears in the Congress of Guatemala an initiative of law to regulate cryptocurrencies, experts highlight the importance of a technical, educational approach adapted to the digital ecosystem. (Photo, free press: Shuttersock)
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The deputy Shirley Riverafrom the Vamos party, a last May 12 presented a Law initiative to regulate cryptocurrencies in Guatemala. This proposal has opened a technical debate about the viability of legislating the crypto ecosystem in the country, especially when there is still no full understanding about the Block chain (Blockchain) and its different applications.
According to Francis SanchinelliPresident of the Association Blockchain of Guatemalaand other actors involved in the regulatory table of the parliamentary forum for digital transformationIt is important to address the discussion in depth.
The consensus among these experts is that Guatemala is not yet in an adequate stage to promulgate a specific law on cryptocurrencies.
Before legislating, they affirm, it must be defined What aspects of the ecosystem Blockchain They must regulate and how to do it without interfering with the nature of technology.
Is a cryptocurrency law necessary in Guatemala?
Sanchinelli, explains that as an association they are not against a cryptocurrency regulationbut they point out that legislate without adequate technical diagnosis can be counterproductive.
Technology Blockchain It is, by definition, Decentralizedso imposing certain regulations could go against their essence.
Sanchinelli also explains that the Tokenizationone of the pillars of this technology, includes different types of digital assets (tokens), each with particular characteristics.
Because of this, it suggests that a single standard cannot be applied to the entire ecosystem. The proposal that are currently writing From the association Blockchain It addresses that diversity, including intelligent contracts, Exchangeliquidity suppliers (such as tables OTC, Over to the Counterin English, or marketing table) and more.
Regulation must be technical, not political
One of the main challenges is to define What should be regulated. For example, Capital gain derived from the sale of cryptocurrencies It is an issue that requires a technical, accounting and fiscal analysis, since it will depend on the type of Token and its specific use.
The possibility of regulate Wallets and Exchangebut here the dilemma of the decentralized nature of Blockchain. Imposing controls in these spaces could contradict the fundamental principles of technology.
In addition, the discussion must be included in the Data protectionbecause the flow of operations within the ecosystem Blockchain It begins to have real impact on the Guatemalan market.
Therefore, from the Blockchain association they propose that the Technical table of the parliamentary forum actively participate in legislative debates, in order to create a regulatory framework adapted to the real conditions of the country.
Education rather than regulation
For Piero Coenanother expert in the field and CEO of Osmo, the first step should not be legislate, but Educate the Guatemalan population about what cryptocurrencies are, how they work and which have real value.
Millions of new tokens and digital currencies are created every day, explains the expert, many of them without any support or real utility.
“Not any digital asset can be considered money,” says Coen. As with conventional currency, in the crypto world it is required Financial Education to differentiate between legitimate projects and simple speculations such as memecoins.
| Feature | Gold | Bitcoin | Other cryptocurrencies | Memecoins |
| Regulation | Yeah | Yeah | No | No |
| Human control | No | No | Yeah | Yeah |
| Recognized | Yeah | Yeah | No | No |
| Divisible | Yeah | Yeah | Yeah | Yeah |
| Durable | Yeah | Yes, so far | No | No |
| Portable | Yeah | Yeah | No | No |
| Scarce | Yeah | Yes (21 million) | No | No |
| Reliable | Yeah | Yes (to date) | Doubtful | Doubtful |
What should be taken into account before legislating?
The Blockchain ecosystem complexity It makes total regulation unfeasible.
There are components such as intelligent contracts, exchanges, liquidity suppliers and block validators, among others.
All these elements should be regulated in a homogeneous way could stop technological development and innovation in the country.
In addition, some countries that have advanced in regulations have opted for tacit regulations In certain aspects, leaving space for the natural evolution of the ecosystem, Sanchinelli details.
Guatemala faces the challenge of deciding if it is the right time for a cryptocurrency law or if a Technical, educational and participatory analysis.
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Meanwhile, experts agree that the priority must be to understand the operation of the Blockchainfoster the Digital Financial Educationand build a regulatory proposal that respects the Decentralized nature of the crypto ecosystem without stopping its potential.