Currently, Paraguay’s Congress is examining three crucial bills that could significantly impact how cryptocurrencies are managed and regulated within the country. These proposals, introduced by members of the Senate and Chamber of Deputies, aim to create a regulatory structure for the digital currency and crypto mining sectors.
A Senate proposal suggests a short-term prohibition (lasting 180 days) on actions pertaining to cryptocurrencies, such as generating, keeping, and selling digital assets, until proper legislation is established.
Details of Proposed Regulations
The Senate aims to tackle immediate concerns caused by crypto mining operations’ illegal electrical hookups for powering their rigs, which allegedly result in substantial energy waste. Additionally, this intervention intends to put a stop to unmonitored actions that might foster financial misdeeds.
At the same time, in the Chamber of Deputies, Derlis Rodríguez presented a bill promoting the use of a digital guaraní and recognizing Bitcoin as legal tender. This initiative underscores the importance of implementing robust regulations to minimize risks such as money laundering and tax evasion linked to crypto transactions.
A Paraguayan deputy has introduced a bill to make Bitcoin legal tender in the country. This news has sparked widespread excitement and fear of missing out (FOMO) around the world.
— Ash Crypto (@Ashcryptoreal) April 23, 2024
Deputy Yamil Esgaib has put forward a new legislative proposal in Paraguay focusing on local oversight of the cryptocurrency sector. This means that anyone engaging in the intermediation, promotion, trading, or safekeeping of virtual assets within the country must register and adhere to national laws.
These bills have the power to change how business is conducted in the global digital economy. With its abundant renewable energy, the country finds itself at a pivotal moment, with the potential to significantly boost its digital economy.
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2024-04-23 21:24