Paraguay’s Bitcoin Bill Passes the Senate

Paraguay’s Bitcoin Bill Passes the Senate

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Paraguay's Senate

On Thursday, Paraguay’s Senate passed a bill to regulate cryptocurrency mining and trading. The bill is now moved to the Chamber of Deputies, set for discussions in 2022. One of the three authors of the bill, Senator Fernando Silva Facetti, confirmed the news on Twitter. 

Crypto Could Prosper in Paraguay Considering Its Electricity Supply

Latin American country Paraguay has a vast energy supply, something the crypto industry needs to thrive. Currently, Paraguay’s electricity cost is approximately $0.05 per kilowatt-hour. Research indicates that Paraguay barely consumes one-third of the electricity it produces. The bill aims to regulate crypto to take advantage of the thousands of megawatts that go unutilized.

Unlike El Salvador, fellow Latin American country Paraguay is not granting Bitcoin legal tender. In July, an exclusive from Paraguay’s congressman Carlitos Rejala revealed that the bill contains laws set to tighten cryptocurrencies’ regulations. Moreover, Paraguay’s crypto bill will protect investors from businesses offering Bitcoin services.

The bill stipulates that cryptocurrency mining in Paraguay will be under the management of the Industry and Commerce Secretariat. The Secretariat will also work closely with the Anti-Money Laundering Office, the National Securities Commission, and the National Electricity Administration.

Paraguay’s Crypto Bill Bringing A Red Tape to Industry Growth

When the bill takes effect, crypto miners in Paraguay will have to obtain authorization for industrial electricity consumption and, after that, apply for a mining license. Individuals or legal entities seeking to provide crypto trading or custody services for third parties must be registered under the proposed bill.

So far, Paraguay’s crypto bill features that have come to light are not so friendly. The red tape coming with the bill seems too much. The restrictions and lengthy process before crypto operations are considered legal are bound to slow blockchain innovations in the country. 

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