Paraguay’s Bitcoin Law Withdrawn, Regulation Remains Up in the Air

Basic facts:
  • With 36 “for” votes, the deputies approved the submission of the draft law.

  • MPs reject the decision and say the industry will be plunged into “absolute informality”.

Regulation of the Bitcoin market, including digital mining activities, has gone unnoticed in Paraguay. The Chamber of Deputies submitted a bill aimed at providing a legal basis for the entire industry, which was vetoed by the executive in August this year.

Inside session at the regular meeting held on Monday, 2022 On December 5, the Lower House of Paraguay’s Congress ordered the document archived “due to disagreements” because the legislature he did not receive the votes needed to override a presidential veto.

In detail, 36 of the 80 deputies that make up the chamber accepted the president’s veto, while only 9 opposed such a decision of the executive. Thus, one of the first official regulations of the ecosystem Bitcoin He stopped in Paraguay until further notice.

The decision of Paraguayan deputies to submit a bill regulating the Bitcoin market in this country contradicts the position of the Upper House of Congress, overrode the president’s veto last September 30

Industry “absolutely informal”

On Monday, in the session of the House, the deputy Sebastian García criticized the actions of the executive branch controlled by the President of the Republic, Mario Abdo Benitez. From his point of view, this bill was vetoed leaves the Bitcoin industry in Paraguay “absolutely informal”.

Rep. Celeste Amarilla also overrode the bill’s veto. In his opinion, this presidential action as a result, companies that want to “control” will not be able to do so. He also said that the decision goes against the natural growth of the bitcoin market.

“Cryptocurrencies are increasing in the world. Of course, it’s strange to many of us, but it will continue to grow and needs regulation,” the local newspaper wrote. Last hour.

As reported by the Paraguayan President CriptoNoticias August 31 vetoed the bill to regulate the Bitcoin market, after think it was “unimportant”. This is despite the fact that this South American country has been a player in various Bitcoin mining operations due to its electrical potential.

Due to its resources in rivers and tributaries, Paraguay is one of the continent’s countries that produces the cheapest and greenest electricity. This made it possible to have up to 4,500 megawatts of surplus electricity, which is the main attraction for miners cryptocurrencies.

Such excess electricity can be used for Bitcoin mining. Nicolás Ribeiro, CEO of Paraguay-based mining startup Blockchain Mining, accurate that country has the necessary hydroelectric power to supply bitcoin mining farms settle in the country as reported by this media.

However, the government of Mario Abdo Benitez does not see this reality and, on the contrary, claims that bitcoin mining “It doesn’t create as much labor as any other industry.” It further states that it is a “transitional” commercial activity, without greater “long-term impact on the country’s development” in South America.


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