certify
Home arrow Article arrow Article Detail

Senate passes bill to regulate bitcoin mining and trading of cryptocurrencies in Paraguayan

Profile Image

Pavan A Follow

INDIA

Dec, 18 2021

Dec, 18 2021

likes 0 | comments 0

Article Image

A bill that regulates the mining and trading of cryptocurrencies was passed by the Paraguayan Senate on Thursday.

The bill, which aims to tap into Latin America's energy surplus, will be discussed by the Chamber of Deputies in 2022, Senator Fernando Silva Facetti said on Twitter


According to the bill, bitcoin is not going to become legal tender in Paraguay. In July, Bitcoin Magazine had the opportunity to interview Paraguayan Congressman Carlitos Rejala about the draft bill.


The legislation revealed an increased degree of regulatory security from the country's regulators regarding bitcoin mining, as well as an overall objective of providing investor protection from bitcoin service providers.


In addition to requiring mining users to obtain a license for industrial electricity consumption, the bill also stipulates that anyone offering crypto-related services, like cryptocurrency trading and custody, should be registered. Following the approval, the entity would still need to seek a mining license in order to mine bitcoins.


A bill proposed by the Ministry of Industry and Commerce of Paraguay supports and regulates crypto mining within the country, with help from the National Securities Commission, the Anti-Money Laundering Office, and the National Electricity Administration. The bill would allow bitcoin miners to access Paraguay's surplus of thousands of megawatts of electricity if it were to be regulated.


At $0.05 per kilowatt-hour, Paraguay has the lowest electricity costs in the region, according to congressman Carlos Rejala. The country's energy production is almost entirely hydroelectric, he added.

 


likes 0 Likes | comments 0 Comments

Profile Image

Pavan A

CBW - External Analyst

INDIA

Comments
Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.