Paraguay legislature strikes down crypto mining bill

Quick Take

  • A bill that would regulate crypto activities including mining in Paraguay was voted down on Monday.
  • Specifically the bill would cap electricity rates for mining by recognizing it as industrial activity.

Paraguay struck down a crypto bill that would cap electricity rates for mining operations.

The bill was generally aimed at regulating the commercialization, intermediation, exchange, transfer, custody and administration of crypto assets, CoinDesk first reported.

It was passed by congress in July but then vetoed by President Mario Abdo Benítez the following month.

Senator Fernando Silva Facetti at the time said that the president's decision ignored "the existence of this activity that today functions in regulatory shadows."

Speaking to the lower house of Paraguay’s legislature on Monday, Deputy Tito Damián Ibarrola said that the country had an abundance of renewable energy and would benefit from the taxes deriving from its sale to the bitcoin mining industry.

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