Paraguay vetoes crypto mining

President of Paraguay Vetoes Crypto Mining Bill

31.08.2022 10:00
by Sviatoslav Pinchuk
1 min read

As we reported in July, the senate in Paraguay had then passed a bill introducing the crypto legal framework to the Latin American country. However, president Mario Abdo Benítez has now decided against ratifying the part of the bill that would have recognized crypto mining as an industrial activity.

Mario Abdo Benítez
Mario Abdo Benítez

If the senate-approved bill had been ratified, crypto miners would have been regulated by the country and required to apply for a mining license. Plans for specialized crypto law enforcement and anti-money laundering institutions were also drafted.

According to Benítez’s decree, however, crypto mining wouldn’t have generated sufficient value to justify increased energy consumption.

Over the past 12 months, investments in the Paraguayan industry have increased by 220%, leading to higher energy expenditure. Unfortunately, intensifying crypto mining activities in the country would have Paraguay importing electricity in a few years.

Author

  • Man who simply bought some BTC for domestic needs in 2014 and then forgot about it till 2017. The dude who got Etherium in 2017 by misclick and sold it in 2018 "just to try". Lost 1 Florida house in XEM in 2018, Sviatoslav finally decided to trade reasonably and now he is one of the most analytical and data-driven trader in Crypto Industry. Has Bachelor Degree of Chinese Interpreter and deep practical experience in competitive niches SEO.

Trending news

Subscribe and be in touch
Click here