Uruguay reached an important agreement between Mercosur and the European Free Trade Association (EFTA), considered highly positive by the country’s Exporters Union.

For the organization, this opens access to new markets “considered attractive by the productive sector.” Foreign Minister Mario Lubetkin described the agreement as “historic, in a context where the Yamandú Orsi government seeks to open markets to boost growth.” The private sector is also enthusiastic about the agreement, given that it encompasses attractive markets.

The Mercosur member countries — Argentina, Brazil, Paraguay, and Uruguay—along with the EFTA member countries — Iceland, Norway, Switzerland, and Liechtenstein— “represent a combined GDP of over $4.3 trillion and a market with some 300 million consumers.” The agreement is important for all involved and is the first “group-to-group” agreement of the regional bloc.

The combined GDP of the eight nations that signed this agreement reaches $4.4 trillion. “In the case of Uruguay, trade with EFTA countries is only $35 million annually.” According to Lubetkin, this is very low, and the goal is to increase it.

According to the Foreign Minister, “the Vice President of Switzerland invited President Orsi to visit the country in 2026.  Additionally, Ireland and Norway expressed interest in establishing ties with Uruguay and in purchasing specific products.” Although the products were not specified, they would likely include agricultural and agro-industrial products such as apples, peaches, blueberries, wheat, rice, and garlic.

M.Pino

Source: infobae

(Reference image source: Ian Taylor on Unsplash)

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In recent statements, Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), indicated that they are analyzing applying the same guidelines to cryptocurrencies that apply to electronic banking.

The main objective of the regulatory body, as well as the Electronic Fund Transfers Act (EFTA), is to reduce cybercrimes with these assets and fraud, in favor of the protection of users.

Chopra said: “To reduce the harm of errors, hacks, and unauthorized transfers, the CFPB is exploring the possibility of providing additional guidance to market participants to answer their questions about the applicability of the Electronic Transfer Act. of Funds with respect to private digital dollars and other virtual currencies.”

It is important to remember that the EFTA is a federal law, passed in 1978, in order to protect users’ electronic fund transfers, “whether through debit cards, ATMs or bank accounts, and its objective is to limit losses of consumers due to unauthorized transfers.”

The regulators’ proposal to apply the same electronic banking laws to digital currencies comes at a time when hacks of these assets reach 150 %. In connection with this issue, Chopra noted that the CFPB will issue orders to “certain large technology companies to obtain information about their business practices regarding the use of personal data and the issuance of private currencies.”

The official clarified that the body he presides will analyze the possibility of examining non-banking entities that offer payment platforms.

M.Pino

Source: cointelegraph

(Reference image source: Shubham’s Web3, Unsplash)

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