Action is being taken in an increasing number of nations to stop the spread of bitcoin scams through advertising channels. Argentina has started to consider establishing regulations governing cryptocurrency-related advertising. Argentina is one of the Latam nations where usage of cryptocurrencies has been rising. The conversation, which Senator Eduardo Andrada and others are promoting, would centre on teaching potential cryptocurrency 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 phoney 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.
The suggested initiative was seen differently by senators and other assistants. Negri outlined the advantages that prospective investors would experience if the measure was approved. He declared:
Negri added that because the country’s economy 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 would lead to the Senate being involved in other crypto-related concerns.
What they did was convince individuals that the profitability that occurred the previous year will be reproduced for those who participated now, as Bitcoin rose from 10,000 to 69,000 dollars. That is deceptive marketing. It is impossible to guarantee profitability. That’s a fundamental rule, but it was being broken.
This project is not to my taste. I don’t like rules, and I’m not sure how to control anything that isn’t already controlled. It appears to be the first step toward a regulation, in my opinion.
Regulations on this topic have previously been enacted in other nations. Spain developed its own regulations to regulate cryptocurrency exposure in January, focusing first on influencers. In a similar vein, the UK declared in July it would increase its vigilance over misleading crypto campaigns.
- Argentine Senate considers regulating cryptocurrency advertisements
- Check all news and articles from the latest Business news updates.