Subsequent to El Salvador and Central African Republic adopting BTC as the legal tender, different countries scramble to keep & introduce ways for regulating the novel asset class. Rather, second chamber of Congress for Paraguay has approved, with the vote of 40-12. The bill which will regulate the crypto mining & trading, with specific modifications.
Legislative framework for Crypto Mining!
Now with the Chamber of the Deputies which have adopted the specific legislative framework. This bill may again go back to Senate. This mainly and originally passed it for the similar kind in December 2021. Subsequent to the fact of going to Senate, the body also approves the changes. Then again approved bill gets proceed with executive branch.
Particularly, the main role of the bill is making Paraguay to be the international hub for the miners. It is mainly because of the lower cost of electricity of country. Should legislation get officially adopted as law. This will force a corporate and an individual miner for applying the authorization for the industrial electricity consumption. Subsequent to which they will need to apply for the Crypto mining license.
At the same time, the law even envisions some kind of creation of the registry for the legal entity and individual that intend to get involve in crypto mining and custody services. Though, concept of the exchange seems to be actually missing.
Benefits of crypto bill of Paraguay
This bill even faced some kind of the strong opposition. Opposing such kind of legislation, the budget committee suggests against this as well. They even added that positive impact job enhances is quite as low as compared to energy consumption which is needed through crypto mining.
On the other hand, it was also Sebastián García, the Congressman. They argue that this bill will set the ceilings to align consumption of the energy with such kind of availability. Quite Interestingly, it also reported in that Paraguay is first among best countries that predicted by crypto community.
