NEWS: The Ministry of Foreign Trade and Tourism of Peru approved a law that prohibits gaming and betting with bitcoin and other cryptocurrencies. Law No. 31557, which comes into force on February 9, 2024, was approved this Friday, October 13, and establishes that gaming and betting operators cannot carry out transactions using cryptocurrencies.
The law is justified by the Peruvian government based on the need to protect consumers from the risks associated with cryptocurrencies, such as market volatility and the risk of fraud. The government also notes that cryptocurrencies can be used for terrorist financing and money laundering.
The ban on bitcoin betting in Peru is a setback for the cryptocurrency industry in the country. Before the law, there were a growing number of gaming and betting operators that accepted cryptocurrencies as a form of payment.
The law has been criticized by some members of the cryptocurrency industry, who argue that it is an unnecessary measure and that it harms consumers who want to use cryptocurrencies for gambling.
150 tax units, equivalent to more than USD 190,000, is the fine that must be paid by the citizen of that respective country who fails to comply with the approved regulations.
