The House of Representatives sanctioned the initiative on the General Process Code and the Checks Law that allows electronic checks. As the articles had the approval of the Senate, it passed to the Legislative Power for its promulgation.
The project seeks to digitalize physical checks and create electronic checks, without losing the guarantees that checks have today for the payment system in Uruguay.
“It is clear, from the presentation of the Central Bank delegation, that this implies modifying the check law as little as possible, respecting and not patching up a rule that worked well, but rather incorporating technology into that legislation,” the report states. .
“Of course, technology is here to stay, there are risk levels that are going to be subject to regulation by the Central Bank, and each one of the banks, according to the level and the amounts that these checks represent, will have a greater or lesser risk. demand in accordance with the regulation of the Central Bank, with the guarantees of the case”.
The incorporation of this regulation into the legislation “will offer legal certainty to the negotiations by providing better control from the point of view of information.”
“The whole world is on its way to that, that is, to the digital and electronic transformation of financial instruments for payment transactions, and our country cannot be left out of this digital globalization that will allow us to be open to investments and to the world of business. ”.
