Paraguay’s House of Representatives has passed the bill regulating crypto mining and trading.
Crypto legislation passed with amendments to the House of Representatives and will return to the Senate.
Paraguay’s House of Representatives has passed the bill regulating crypto mining and trading by a 40 vote to 12.
The nation’s Senate passed a similar law in December. The bill will go back to the Senate following changes in the House of Representatives. If the Senate change is approved, it will be moved to a higher body.
Carlos Rejela, one of the drafters, said the legislation aims to attract international miners to Paraguay, which has one of the lowest electricity prices in Latin America, at around 5 cents per kilowatt hour.
If the bill becomes law, individual and corporate miners will need to obtain a permit for electricity consumption and then apply for a license.
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