A Paraguayan bill seeks to regulate Bitcoin and cryptocurrency trading and mining in the country pass Senate on Thursday. Senator Fernando Silva Facetti, the bill’s co-author, said on Twitter that the law is currently moving to Paraguay’s House of Representatives, where it will be debated in 2022.
The bill does not make bitcoin a legal tender in Paraguay. In July, Bitcoin Magazine get one Exclusive look at draft bill through a conversation with Paraguayan Congressman Carlitos Rejala. The act hints at increased regulatory security from the country’s regulators regarding bitcoin mining, and its overarching goal is to provide investor protection from service-providing businesses. bitcoin.
“With this, we want to welcome the innovation of cryptocurrency in Paraguay to the world,” said Rejala Bitcoin Magazine at that time. “This is the result of a very strong and arduous teamwork of many experts in the field, both at home and abroad.”
However, it remains unclear whether Paraguay’s lengthy and complicated bill welcomes Bitcoin and crypto innovation.
“While El Salvador’s final bill was only a few pages of text easily representing the most profitable, most relevant Bitcoin legality ever passed, the original draft of Paraguay’s legislation laid out a different tone,” Bitcoin Magazine was reported in August, highlighting how Paraguay has taken a stance that stands in stark contrast to the Central American nation’s friendlier laws.
The bill that was passed by the Senate of Paraguay states that individuals or companies interested in bitcoin mining will have to request a license for industrial energy consumption. However, once the approval is granted, the legal entity still needs to proceed further and apply for a license to mine bitcoin.
Under the bill, bitcoin miners could enjoy “thousands of megawatts that Paraguay currently has in surplus” if it follows the country’s regulations. The document notes that the industry will be jointly managed by the Paraguayan Industry and Trade Secretariat, the National Securities Commission, the Anti-Money Laundering Office and the National Electricity Regulatory Authority.
“Regarding transactions with crypto assets, the National Securities Commission will establish registration requirements for intervening agents to negotiate, indemnify, custodial and intermediaries in the stock market. ,” said Silva Facetti in another tweet.
https://bitcoinmagazine.com/markets/paraguays-bitcoin-bill-passes-the-senate Paraguay’s Bitcoin Bill Passes Senate