Argentine Senate Controversy Over Crypto Advertisement Regulation
- 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 negotiation, is to warn customers about the risks of investing in cryptocurrencies and guard them against doing so in Ponzi schemes.
- The suggested initiative was seen differently by senators and other assistants.
The Argentine Senate has started to consider establishing regulations governing cryptocurrency-related advertising.
Argentina is one of the Latam nations where the usage of crypto has been rising. The conversation, which Senator Eduardo Andrada and others are promoting, would center on teaching potential crypto users about the unique characteristics of these assets.
One of the suggestions put up suggested including slogans outlining the hazards that such investments incur in any crypto-related press.
In the same vein, safeguarding investors from falling for the phony and Ponzi-based crypto schemes would be another goal of this proposed enterprise. Members of the Argentine Securities Commission, Sebastian Negri, and Martn Breinlinger, attended the conference when many bitcoin marketing and advertising techniques were presented.
Negri outlined the advantages that prospective investors would experience if the measure was approved. He declared:
“Beyond the fact that the possibility of advertising is in the streets, on posters in the streets, one of the things that is expected, because it happened in various parts of the world, is that, 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 is a Basic rule, but it was happening. Banks can’t do that kind of thing, but here we have a low-regulation ecosystem.”
But there were people against a possible law on this issue, as evidenced by the voice of Senator Rivero commented:
“I don’t like this project. I don’t like the regulations and I don’t quite understand how it’s going to be done to regulate something that is not regulated. It sounds to me like it is a first step towards regulation. But, to get a little into this whole world of Bitcoins, the first thing I would say is that no one in the world of these crypto assets so innovative asks this of us.”
As Coincu reported, UK’s Advertising Standards Authority has rejected ads for NFT promotions by Turtle United and Crypto.com. The ruling relates to paid Facebook advertisements that both companies placed in July. The ASA has told both companies not to run the adverts in the same manner again, even though its decision is just a warning.
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