The Paraguayan Senate has approved a bill regulating crypto mining and trading. In December, the country’s Senate had already approved the bill. But in May, the House of Representatives approved it with amendments. Therefore, he returned to the upper chamber.
Now the law, approved by both houses, must be submitted to the executive branch, which has the power to approve or veto it.
Paraguayan Senate Passes Crypto Mining Bill
Paraguay’s House of Representatives approved the bill regulating crypto mining and trading by a 12 to 40 vote. The country’s Senate had already passed a similar law in December. The bill in question will now return to parliament with amendments to the House of Representatives.
Congressman Carlos Rejala, one of the bill’s authors, said the law seeks to lure international miners by using the country’s low electricity rates of around 5 cents per kilowatt hour.
The main change, proposed by the House of Representatives and passed by the Senate, would be the Department of Industry and Commerce as the primary law enforcement agency, which would penalize any person or entity that mines or provides crypto services without relevant authorization.
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