In this context, the new bill, which was presented on December 20 and is expected to be discussed for approval, states that the acquisition and use of cryptocurrencies “are the absolute responsibility of their buyers and owners.” According to a telemetry report from ESET, more and more cybercriminals are trying to mine cryptocurrencies from other people`s computers, infecting them with malware or with so-called cryptohacking, which uses a computer`s computing power to mine cryptocurrencies and receive money for this operation. Malware propagation campaigns aimed at mining cryptocurrencies for propagation using methods such as phishing emails containing malware, malicious URLs that redirect to a miner`s download, malicious HTML code displayed as images, exploits aimed at exploiting vulnerabilities or even searches for potentially unwanted applications that took place between March and April 2021 showed that more than 60% of the $5 million made in cryptocurrency operations corresponded to BTC. Another Latin American country is moving forward in regulating Bitcoin (BTC) and the rest of cryptocurrencies. A bill to give the market a legal framework has been submitted to the Peruvian Congress, which must now review the legislation in plenary for possible approval. Peru currently has various regulatory instruments that allow the use of electronic money. For example, there is Law No. 29985 on Electronic Money and its implementing regulations. However, Bitcoins have not been recognized as a valid currency here and therefore, most of the rules regarding money do not apply to you, which does not mean that they are prohibited. Calling it a “currency” is valid at the usual level, but it does not imply legal recognition. In our country, buying and selling bitcoins is similar to buying other goods.
So much so that, for example, a Peruvian company is usually not allowed to capture or invest in bitcoins. Nor that a bank agrees to open a savings account or pay interest in bitcoins. After all, there is no official explanation from the supervisory authority for banks and insurance companies. According to Peruvian media outlet La República, the volume of transactions with crypto assets in Peru increased by 613% in the first six months of 2021 compared to 2020. Join the world`s leading cryptocurrency exchange Binance. Trade on any device from anywhere in the world. Start trading safely and easily. As stated in this media, Peru is a country where Bitcoin adoption has increased significantly. In September, we reported that the use of cryptocurrencies in this country has increased by more than 600% in one year.
The document, published on the official website of the Peruvian legislature, highlights several aspects of the emerging ecosystem. The project, officially called the “Framework Law for the Commercialization of Cryptoassets”, was presented by parliamentarian José Elías Ávalos of the Podemos Peru party. that Peruvian companies work with Bitcoin, that Peruvian institutions protect Bitcoin`s information Gabriel Silva, who presented the project, said on his Twitter account that the first objective of the Panamanian law “is quite simple and that the first point tries to give crypto assets such as cryptocurrencies security and legal certainty in Panama”. Peru is no stranger to the cryptocurrency boom as consensual payment mechanisms and investment vehicles. However, there is currently no regulatory framework that explicitly develops the legal or tax consequences of transactions involving bitcoins or other cryptocurrencies. The author develops a tax analysis applicable in Peru to operations related to Bitcoins: mining, exchanges of goods and services and transactions of cryptocurrency having legal tender. Starting from the definition of the legal nature of cryptocurrencies based on current Peruvian legislation and without losing sight of the experience of comparative law, the author describes the tax implications of the world of crypto-currencies in Peru. Sincerely, Bitcoin mining is punishable by any law in Peru? Can mining farms be set up without this activity being considered illegal? The growing interest of more and more people in cryptocurrencies and how to obtain them is leading to an increase in hacks and virus infections in computers, with Peru being one of the most affected in the region.