Cryptomining regulations about to become law in Paraguay

In Paraguay, one of the countries with the cheapest electricity in the world, the bill that will regulate cryptocurrency mining and transactions passed the parliament with a 40 to 12 vote rate. After some changes were made in the bill, which was approved by the Senate and sent to the parliament in December, the parliament approved the bill and sent it back to the Senate.

The company or individuals will have to obtain a license

Deputy Carlos Rejala, one of the creators of the bill, said in a statement last year that the goal was to attract miners from around the world to the country. If the bill becomes law, individual and institutional miners will have to obtain permission from government bodies for industrial electricity consumption and then apply for a license. The bill also obliges those who want to make crypto transactions or provide custody services for third-party individuals or institutions to obtain a license.

There are also those who oppose

In his speech, MP Tadeo Rojas, who opposes the law, stated that the parliamentary budget commission recommended a rejection decision for the bill, so he said “No”. Rojas said that the amount of energy demanded by mining companies is too high, however, sufficient employment is not created.

Congressman Sebastian Garcia, who said “Yes” to the proposal, stated that limits were set in energy consumption.