Crypto Bill Was Approved By The Senate In Paraguay

In Paraguay, the crypto bill was approved by the Senate. The Senate has approved a bill regulating the trading and mining of cryptocurrencies.

Senator Fernando Silva Facetti confirmed the bill's approval on his Twitter account. Facetti stated that the bill aims to recognize cryptocurrency mining as an industry, guarantee access to energy and formalize this growing industry. In the draft, it is envisaged that the persons or institutions that will mine the cryptocurrency should request permission for industrial electricity consumption and then apply for a license. The country's Ministry of Industry and Trade, the Securities Commission, the Anti-Money Laundering Administration, and the National Electricity Authority will oversee cryptocurrency mining activities. In addition, real or legal persons who want to provide cryptocurrency trading are required to be registered. Paraguay consumes only a third of the energy it produces. It is aimed to use the country's energy surplus in cryptocurrency mining. The bill, which was approved by the Senate, was sent to the House of Representatives to be voted in 2022.