Paraguay’s lower house approves bill regulating cryptocurrency mining

The lower house of Paraguay’s parliament approved a bill regulating cryptocurrency mining and trading. This was announced by Congressman Carlos Rejala.

NOW!
A big leap for #bitcoin in Paraguay 🇵🇾🚀
The second chamber of Congress just approved the bill proposal for creating a legal framework for bitcoin mining.
100% Hydroelectric renewable power.@elonmusk @saylor @nayibbukele @jack @diiorioanthony @BitcoinMagazine @CoinDesk

— Carlitos Rejala (@carlitosrejala) May 25, 2022

Forty votes in favour, twelve against. It will subsequently be sent to the Senate for consideration.

According to CoinDesk, the current bill requires miners to obtain licenses and permission for industrial electricity consumption. The initiative also provides for the creation of a registry for individuals or entities providing trading or storage of cryptocurrencies.

In June 2021, Rejala announced a bill concerning Bitcoin. Later the congressman clarified that Paraguay does not plan to grant digital gold the status of legal tender, and intends to develop “effective” regulation of cryptocurrencies.

Earlier, Panama’s President Laurentino Cortizo did not back the Parliament-passed bill regulating the use of cryptocurrencies in its current form.

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